Clear Title

[margarita jane]

Hi.... am in process of purchasing boat in USA from CANADA.... asked broker if they guarantee clear title and broker said that is owners responsibility who freely admitted loan on boat... does broker really have no responsibility obtaining clear title? path forward? thanks for helping.

 

[Henry Boyd]

I think you need to consult a maritime, or admiralty, lawyer. Maritime law is generally uniform across national boundaries, thus a maritime lien that exists in Canada would follow the boat to the US. Keep in mind maritime liens are essentially automatic.

I have been told by maritime lawyers I have worked with in the past on commercial vessel transactions that there is insurance that can be purchased. Whether it is economical in your situation, I have no idea.

Henry

 

[Sea Gull]

This is easier if the boat is US Documented. If it is state registered, slightly more murky as some states produce titles for vessels and some do not. You might seek out the assistance of an escrow agency (Boat/US does this) as an intermediary in the process.

Since you already know about the loan, you can call the lender and get a payoff amount for the loan. Assuming it is less than the purchase price, just make 2 payments, one to the lender and one to the seller.

The real danger is in liens you do not know about. Maritime liens follow the boat not the owner, so you want to avoid surprises down the road.

 

[osd9]

........The real danger is in liens you do not know about. Maritime liens follow the boat not the owner, so you want to avoid surprises down the road.

Any Skeletons that you want to tell me about......:grin:

 

[Sea Gull]

Do you mean that figuratively or literally?

Figuratively you have no worries about liens. Literally there may be a bone or two, but probably not a whole skeleton. Also, most likely not human.

 

[srdancer90]

If trhe boat is documented, go on the national vessel Documentaion web cite and look up the boats name. It will give the owners in the past. You can get the doc number from that owners page. Then order an abstract of title, it will disclose the banks that have a lein on the boat. You can contact the bank directly. You may be better off if you use a doc agent. They will hold moneys in escrow and take care of all the things you have questions about