how to minimize the time to transfer title on a documented vessel

[rpackard]

Can title to a documented vessel be transferred to a new owner by the present owner by simply signing and notarizing the back of the documentation certificate? Does this release the previous owner from subsequent accident damages ? Or is it necessary for the documentation transfer to make its way through the Coast Guard system, which might take a few weeks?

Richard P

 

[Comodave]

I am not a lawyer, but I think that once the paperwork had been presented to the CG the old owner would be relieved from liability. And it doesn’t take a few weeks for the new owner to get the COD, more like 3 to 4 months.

 

[Bacchus]

Agree and believe the bill of sale and completed purchase contract would help provide additional evidence of the actual sale / transfer date.
Titles for auros and boats typically follow the actual sale by varying time periods.
I'm thinking real property transfer is analogous... filing and issuing of deed for new owner us done after the closing which is the real transfer.
Caution... I'm no legal beagle so abovebis layman's interpretation.

 

[psneeld]

Can title to a documented vessel be transferred to a new owner by the present owner by simply signing and notarizing the back of the documentation certificate? Does this release the previous owner from subsequent accident damages ? Or is it necessary for the documentation transfer to make its way through the Coast Guard system, which might take a few weeks?

Richard P

I believe signing the documentation over is part of it and satisfies the USCG paperwork (so you don't have to drop documentation, and someone reapply), but all the other facts of completing a contract are necessary too.

If you have a copy of the signed documentation, any other type of bill of sale and proof of money exchanging hands...... I think that usually is enough.

Then again I am not a lawyer.... but have seen enough questions and answers on the subject to take an educated guess.

 

[Hydraulicjump]

I love how everyone starts or ends with "I am not a lawyer". Some lawyer jokes come to mind. But I asked the same question just this week of our broker. The key is to have copies of all the paperwork (bill of sale, paperwork submitted to CG for documentation, insurance...all with the same date) and to assume that liability transfers on the date of that signed paperwork.

 

[koliver]

OK, though when I was in practice it was in Canada, the principles are the same. What you have with the documents signed and the money passing as "consideration", is an enforceable contract, and "strong evidence of the intentions of the parties to date the transfer of the goods and any liabilities that might subsequently arise, to the new owner.
No jurisdiction has the facilities for instantaneous registration, so you need to wait till they get that done before all you need to prove the transfer is a copy of that registration to prove who is the responsible party(ies).