Finding out the requirements to transfer the ownership of a vessel will prevent you from having many headaches if you are looking to buy a new boat and don’t want to make any mistakes. If you have a certificate of documentation, this is even more crucial, given that it comes from a federal body and you will need to comply with all of the legal demands. To make sure you satisfy the USCG’s exchange of documentation, you will need to complete a particular form and submit the necessary paperwork. Find out more in this article the Maritime Documentation Center has written to help you out!
When to Use the USCG Exchange Form
A United States Coast Guard (USCG) exchange or transfer of documentation is not exclusively for when the boat is sold to a new owner. In fact, any time something happens affecting the ownership of the vessel, the documentation will need to be updated. Whether you need to add a spouse to the list of owners or remove someone after a death or divorce, you will need to fill in the paperwork and conduct a transfer of documentation. Only once this has been completed and approved the document will be in effect, so it is vital to keep it up to date.
The legal form you need to fill out is called “Requirement for exchange of Certificate of Documentation” and once completed you need to send both the old certificate with the application form. You will need this application in the following situations:
When the vessel changes ownership.
If there is an owner that needs to be added or removed or another business is incorporated.
If the vessel name or hailing port is changed.
Additionally, the COD can also become invalid if one of the owners dies, if the net tonnage of the vessel changes (only vessels that weigh 5 tons or more can be USCG documented), or if the boat becomes nonpropelling or vice versa.
Evidence of your Transfer of Ownership
After the form has been completed, it is time to send the evidence of the change. Normally, you will need to attach the existing certificate of documentation, which has to include the sign of the seller and needs to be notarized. Furthermore, you also need to include a bill of sale, which can be the original document or a copy. Again, this has to be overlooked by a public notary. If there are any current liens on the boat, then the owner must complete a Satisfaction of Mortgage form as well.
The Maritime Documentation Center Lets you Get your Boating Documents
Apart from the USCG exchange form, all of the documents we have been talking about are easily accessible to you on the Maritime Documentation Center. We are a private service that specializes in boating documentation. Our platform allows you to access any document you need completely online. In addition to that, our staff checks that no mistakes are made on your submission. Contact us today for more information!