Anytime that you are planning a large purchase, you want to make sure you investigate all your options, consider backgrounds and know as much as you can about the given piece of property so you can make the most informed decision. Purchasing something like a car, house or boat is a huge investment and likely one of the largest you will make in your lifetime, so you want to avoid making mistakes and bad investments that can come back to haunt you and cost you more than you expected. To make the best decision you need the best information, and that often includes finding out about the title of the property in question. You may wonder what is an abstract of title and why you need it, but it can play a very important role for you.
Defining the Terms
In basic terms, the information you receive from an abstract are the public records relating to the title of the property in question. You want to have the abstract viewed by your attorney, insurance company or prospective financial lender so that they can look at the history of the property and determine if there are any problems you need to be aware of. Abstracts can reveal issues like unpaid taxes on property or if there currently are any liens placed on the property regarding loans and the like where the boat itself was used as collateral. This information is important for you to know because titles need to be cleared for you to make a clean purchase.
As it Refers to Boating
If you are wondering what is an abstract of title as it refers to a boat you may be interested in purchasing, the definition is basically the same. You want to get an abstract of any used boat you are considering buying so that you can see the background information and determine if there are liens you need to be concerned about that could become your responsibility if you buy the boat. If the title is clear, it will make it much easier for you to get financing and it will make the purchase process smoother for you.
Where to Get an Abstract
Now that you know the answer to what is an abstract of title, you are probably wondering how you can get one for a boat you want to buy. You can come to us at U.S. Vessel Documentation, Inc. and handle the process right through us on our website. Just go to our website and click on the page for the abstract, fill out the form and file it with us and we can take care of the rest for you, so you get your abstract.