CONGRATULATIONS ON YOUR UPCOMING VESSEL PURCHASE.You are ready to sign an "acceptance of vessel" and…what happens next?
Your broker is now recommending that you use a Documentation Agent such as All Yacht Registries, Inc. If this is your first yacht purchase, you are probably wondering why.
A documentation agent is a non-interested third party to the transaction, there is no conflict of interest. We are not affiliated, owned, or employed by any boat dealer, broker, lender, insurance company or surveyor. We are totally independent.
We prepare for your purchase by performing a lien search against the vessel's registry, and if corporately owned, check to see that the corporation actually exists, is in good standing, and find out who is authorized to sign the selling documents.
We prepare the documents which will transfer ownership of the vessel and enable us to register the vessel in your name. Regardless of whether you are across the country, in another country, or right next door, our offices and staff are available by whatever electronic means are most convenient to all parties.
We are in the unique position of protecting ALL PARTIES involved in the transfer of ownership. This means we are protecting Buyer, Seller, Listing Broker, Selling Broker, and the Lender, and are committed in providing a service of the highest performance, with integrity, efficiency, expertise and knowledge. We built our client base upon referrals and trust long before web sites became the "norm". Your confidence, your privacy and your trust are of the utmost importance to us.
So, that explains why you need All Yacht Registries for the closing. Your next decision is “How will your boat be registered”?
There are several options:
State Title/Registration of the Vessel
Offshore Registry of the Vessel
A state title is fine for boats that will remain state-side and are a cash purchase. If the purchaser is borrowing money, the lender will most likely require that the vessel be documented, allowing us to place a First Preferred Ship’s Mortgage on the vessel in favor of the lender.
Offshore registry will depend upon the where the boat will physically spend most of its time; (if state-side, the state of principal use), the State tax laws; and all other facets of the owner’s use will determine whether or not this option is worthwhile. Offshore registries are expensive, and generally a foreign corporation for ownership needs to be established before the closing date. Maintenance on the corporation and the registry starts at about $1,300 annually, beyond the initial costs of approximately $7,000 on up.
Since offshore registries are quoted on a case by case basis, and all details of the transaction are necessary before a quote can be given, we cannot give any firm quotes here. State Titles and Registrations also, cannot be quoted, as each state has different requirements and different fees.