Once you have accepted the vessel, David Kay & Associates will be coordinating and sending you the closing paperwork. If the vessel is a United States Coast Guard (USCG) Documented Vessel you will to need to hire a documentation agent to handle the vessel documents including USCG Bills of Sale, Warranty of Title, Abstract of Title & New USCG Documentation as well as your New Vessel Name, New USCG Documentation & Hailing Port, Etc.
We will work with any Documentation Agent of your choice but most of our clients hire Kelly Cool & Staff at Marine Documentation, Inc. In Ft. Lauderdale. We have completed hundreds of vessel transactions with them. Kelly and her staff are always professional, very prompt and often deliver supernatural short notice results with 100% accuracy.
Whichever Documentation company you choose, you should expect them to send you a quote for their services in advance, so you know what to expect. David Kay & Associates will generally order the USCG Abstract of Title once a vessel goes under contract. The current cost of a USCG Abstract of Title is $25 and it is usually received electronically from the USCG within 4-5 business days of ordering.
Please confirm to us as soon as you have hired them or someone else as time is important in the transaction. Once you have confirmed this, we will arrange for the sellers to send them all the title and ownership paperwork for the boat and the dinghy. Many people do not realize that the dinghy is classified as a separate vessel with its own title so we need to ensure you get clean title to the dinghy also. We will coordinate with the documentation agent to be able to take this deal to the finish line.
Amongst other checks, the documentation agent carries out a lien search on the vessel to ensure you are getting a clean title and will complete the transfer of the ownership title showing the new vessel name and the ownership in your name or the name of your business, whichever you choose.
Lien and other searches can take time, especially if something is found and needs to be cleared up and it can take from 48hrs to more than 2 weeks. For USCG registered vessels the request has to go through the US Coast Guard. This agency sometimes is pretty backed up and it is a first come, first serve system so, again, the sooner you hire the documentation agent the better the chance you meet the specified closing date in your Purchase and Sale Agreement.