If you are you looking to purchase or sell a vessel in South Jersey, you should make sure to read this blog post, because purchasing or selling a vessel, whether commercial or recreational, can be a headache if you attempt to tackle the process without the assistance of professionals, both legal professionals and those who know the ins and outs of the boating industry.
Retaining counsel in this type of transaction will give you the confidence you need to ensure you are covered on all ends, whether as the owner of a vessel being sold, the preferred mortgage holder or the purchaser of a vessel incurring a debt to one day take full ownership.
If you are preparing to own and operate a vessel in excess of five net tons, usually over twenty-six feet in length, you must also utilize the process of vessel documentation. This is the process whereby your boat is registered with the United States Coast Guard National Vessel Documentation Center, which occurs at the federal level. During this process, documentation is completed and filed with the United States Coast Guard, a branch of the federal government. It is then administered by the Coast Guard as a part of Homeland Security. During the process, a Certificate is generated establishing ownership and nationality of each vessel. Having this Certificate makes it possible to obtain a preferred mortgage with a lending institution, among other things such as traveling into international waters.
Sometimes even professionals need professionals, and in the case of a commercial vessel transfer you should look for a company that is an active member of the American Vessel Documentation Association, such as Vessel Documentation Service (VDS) in Plymouth, Massachusetts. This company assists boat owners with required documentation, such as title searches, ownership and bill of sale paperwork and preferred mortgage drafting. As their website states, VDS prides itself on providing excellent service performed by experienced personnel, and our firm can attest to that very thing.
Don’t get caught in unchartered waters.
Looking to purchase or sell a vessel in South Jersey? Don’t go it alone. Contact KingBarnes, LLC today to speak with our experienced legal professionals who can guide you through the process with ease. With offices in Northfield, North Wildwood, and Cape May, we serve all of South Jersey and beyond. Call us now to schedule a consultation and get started.
