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transfer of documentation

3K views 18 replies 13 participants last post by  Sapperwhite 
#1 ·
Loan shark, er loan officer wants to charge me for handling the transfer of documentation on a used boat purchase.
I went to the coast guard doc site and couldn't make sense of all the gobledegook.
Anybody care to tell me what it actually costs to transfer documentation?
 
#3 ·
It's easy so do it yourself. If you have questions, call the kind folks in Falling Water, WV in the documentation office. They are very helpful. The loan sharkls use the CG documentation as a profit center.

I bought my current boat in a private sale, and the previous owner had let the documentation lapse. the office folks helped me fill out the proper form to take care of that. Piece of cake actually.
 
#4 ·
My eyes got a little screwy when I read through all the stuff about the transfer too. I fretted about having everything in order blah blah blah. Then I said,"hey dummy, call them and find out exactly what you do and don't need". I did, it was very simple. Don't pay some dipstick $200 to process two pieces of paper for you. Just call and say, "Here's what I have, what else do I need", and they will tell you exactly. It's too easy.

PS I forget specifically the few papers you need, but it ain't much.

http://www.uscg.mil/hq/g-m/vdoc/nvdc.htm
 
#5 ·
The one major thing that having the broker or a documentation specialist can do is to make sure the boat is free and clear of any liens. Normally, marine liens are recorded against the documentation on a USCG documented boat, however, not every one will do this, and if your boat has a lien on it and you've gone through a documentation company, and spent a bit more money doing it, they'll often be responsible for any liens that they missed when clearing the documentation.

If you do the documentation yourself, and have missed a lien, the lien will stay attached to the boat, and then you'll be responsible for it, not the previous owner or the insurance policy of the documentation company. Be aware that not all documentation companies have this insurance or offer it as part of their service. Some are just out to gouge you. :)
 
#6 ·
As for Dawg's point about liens, the fine folks at the documentation office can help you with that. You also can get an abstract (I think that's what they call it) that goes into all that. Call them and they will help you out.
 
#8 ·
I just transferred the documentation for my boat. All that was needed is a notarized form by seller, and one page form from coast guard, and a check. That was it. The documentation on coast guard site looks a lot more intimidating than it really is.
 
#9 ·
Generally, if you are getting a significant loan to pay for the vessel, the loan company will require you to go through their people to transfer the documentation. When we were looking to buy a Hallberg-Rassy 53 recently, we talked to 8 different brokers. For the amount we were borrowing, every one of them required that we go through their people for the transfer - period. I'm generally pretty good at negotiating, and there was no bargaining here...
 
#12 ·
This is often because of the lien issue. The bank has a vested interest in making sure that the boat you're putting up as collateral for the loan you're buying it with is free and clear of any liens in case of default. :)
 
#11 ·
Xort-
I couldn't find Sapper, so I sheeped my way through for $200. She just asked the general, home port, new boat name, kinda like lawyer fees 15min :) If your in the know (sappers suggestion) and have the time go that route for sure.
 
#15 ·
I never did this type of transfer.

I have never done this so it a good question for me to learn. :confused:

We have registered boats from Canada into the USA. But, it different than this. :rolleyes:

I assumed it should be something simple if it go through some from of Government. They just make it sound complicated. :eek:

When my Ham Radio License came up for renewal, I was getting letters from everywhere to send $10-25 to get my license renewed. :confused:

So, I went to the FCC website and read. Downloaded a PDF form and fill it in. I could not find where they say how much money to send? :confused:

I called them on the phone and some pretty woman tell me; "It not cost anything to renew. People get your name and address from your 'Call Sign' and try to get you to pay them to do it for you"! :cool:

So, I learned two things that day. One, never give out my "Call Sign" on the Internet, just on the Radio as needed. Two, Government stuff is easy if we take the time to learn and ask questions. Heck, I can even keep my Books and do my own Taxes. Weeeeeee! :p

But, it never hurt to ask and this was a good question for myself. ;)
 
#17 ·
Actually I don't think xort mentioned how much has loan shark wanted, it might be more than $200. Which also leaves the question, is the loan shark providing title insurance (which can be bought) or simply charging him money because they are satisfying themselves about title and NOT providing insurance?

Too many issues being confused and ignored here, to say if the loan shark is being greedy or not. The same way you can buy a car and have the dealer take care of all the licensing and registration for you--often for a $50-100 fee, while they pay $15 to some plate service who sends a runner out every morning with a boxful of papers for two dozen customers all at once.
 
#18 ·
If it is a used boat the document service and insurance is worth it's weight in gold, and as said often required.
If it's new, like mine was its a profit center for the loan company; and was still required unless I wanted to pay cash for the boat.
Not many folks have 160k laying around and I didn't at that moment so I paid the bribe, er fee, and went about my day.
 
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