The Use of a Broker
Whether you’re an experienced boater or not, it’s vital that you understand the technicals in purchasing a boat to ensure you’ll appreciate your boat ownership. It’s always a good idea to hire a broker when shopping for a boat. The agent can reduce stress and ensure that the entire transaction will go on smoothly and painlessly. Boat brokers can play a vital role in ensuring that the transactions between the seller and the buyer are safe and within the boundaries of the Canadian law. They hold the listings of all available vessels for sale. They may also represent the boat manufacturers. These brokers can assist you in the financing of your yacht. Often, their services would go beyond these duties. In fact, they can aid you in repair and maintenance of the boat. They have in-depth knowledge of yachting activities and practices. But before you hire a broker, make sure that the agency is fully licensed to perform those duties. Nonetheless, through a broker, you’ll know the full condition of the vessel.
Liens On A vessel
When purchasing a ship, there are issues that you must be aware of, in addition to the boat’s condition. One of these matters would be the title of the ship. Make sure that it doesn’t have a lien on the title. Liens can be a burden on the vessel. They restrict transferability of the vessel. A lien can occur without any formal writing. Some of the maritime liens are unknown because there are no records of them. Vessel owners may not even know about their existence. That said, before making a payment for the ship, you must obtain fill off out other forms first with the Canadian vessel documentation center. It would identify any claims of lien or mortgages. Then again, the title may not represent all liens on the vessel because some of them are concealed. Thus, buyers must require a representation from the seller and a guarantee that the ship is free of all liens and encumbrances.
Vessel Registry Service
Buyers must demand a written assurance from the seller that he/she will indemnify purchasers against claims that may arise against the purchaser for liens attached to the vessel before the sale. Our vessel registry service can help you in preparing the bills of sale for all transactions. We can renew your vessel documentation as well with a few mouse clicks. If you have questions about marine mortgages and other things related to vessel documentation, please contact our registry processors at firstname.lastname@example.org