Purchaser Services

Professional Documentation

There is no substitute for experience. Our staff has more than 30 years of experience federally registering vessels and perfecting lenders' security interests through a Preferred Ship's Mortgage.

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 which have been 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.

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.

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.

Lender Referrals

Individuals purchasing boats frequently call our office seeking information concerning marine financing. Depending on the type of yacht, we can recommend lenders that can best serve them.

Complete Document Protection

As a service to the Dealer or Broker, we prepare any applicable documentation for the purchaser. Including the Coast Guard Bill of Sale, Satisfaction of Mortgage, and Bill of Sale, as well as documents for vessels being traded in.

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.

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.

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 ensures a transaction's validity for the protection of all parties with respect to clear title and freedom from prior liens.

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.

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 previous Mortgage was filed.