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| Professional Documentation |
| There is no substitute for experience. Our staff has more than 28 years of experience federally registering vessels and perfecting lenders' security interest through a Preferred Ship's Mortgage. |
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| Title Searches |
| Title searches are performed on vessels presently documented or registered in a titling state to ascertain ownership and vessel encumbrances. An 'Abstract of Title' is obtained from the United States Coast Guard on vessels currently documented. A check is also made with the dealer to determine the floor planning bank in order to obtain the Builder's Certificate and Statement of Origin or other floor plan documents. |
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| Agency Avoids Conflict of Interest |
| A third party insures that floor plans and existing liens are promptly paid off. No delays will occur due to inexperience or work backlogs in dealer staff. Any disputes between dealers and purchasers will not affect lender security. |
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| Insurance Protection |
| The validity of the lender's First Preferred Ship's Mortgage is protected by Errors and Omission insurance for up to $1,000,000.00 per incident. |
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| Lender Referrals |
| Individuals purchasing boats frequently call of office seeking information concerning marine financing. Depending on the type of yacht, we can recommend lenders that can best serve them. |
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| Complete Document Protection |
| As a service to the Dealer or Broker, we prepare any applicable documentation for the purchaser. Including the Coast Gaurd Bill of Sale, Satisfaction of Mortgage, and Bill of Sale. |
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| Closing Services |
| If desired, we will close the loan package on behalf of the lender to insure that all documents are properly executed and all of the lenders requirements are met. This facilitates scheduling of the closing and saves the lender time and travel expenses. There is no charge for this service. |
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| Letter of Instruction |
| Marine Documentations, Inc. provides a Letter of Instruction with the closing package to the lending officer. This letter provides detailed assistance to the lender in order to ensure all documents are properly executed. |
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| Prompt Filing |
| After closing and receiving all necessary paper (i.e. Builders Certificate, Satisfaction of Mortgage), transactions are filed promptly with the United States Coast Guard. In instances where the vessel is to be re-documented, the mortgage is filed with the initial application. |
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| Repossessions |
| Marine Documentations, Inc. has extensive experience in the specialized and complex area of preparation of repossession and bankruptcy packages for lenders and dealers. This includes knowledge of the applicable state and federal laws which insures a transaction's validity for the protection of all parties with all parties with respect to clear title and freedom from prior liens. |
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| Repossession Recordation |
| Marine Documentations, Inc. provides the additional service of recording with the United States Coast Guard the repossession documents: Satisfaction of Mortgage and Bill of Sale. This simplifies the re-documentation or titling of the vessel for the purchaser. |
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| Future Advances |
| In the event the customer wishes to refinance his note for more favorable terms, our Ship's Mortgage remains in full force and effect to secure all future advances, renewals or extensions of the secured note. This allows for refinancing without expense to the customer. Because the original mortgage does not need to be satisfied and re-filed, the lenders' security position is not jeopardized by the possibility of intervening mechanics liens since the last Mortgage was filed. |
