Boat Title Disclosure
BoatWiki - Definitions
A boat title disclosure can be defined as an owner's full representation of the subject boat's title status, background, and history. It should also reveal vital information about the owner itself, including the type of ownership.
In order to conduct a comprehensive title verification, a buyer or lender will need detailed information about the boat and its ownership. This can be provided verbally or through a formal written disclosure statement.
In the marine industry, there is no title insurance or mandatory disclosure requirements as you would find in real estate transactions. It is, therefore, incumbent on a buyer or lender to implement their own title and owner background inspections.
Due diligence is paramount in any boat purchase or loan transaction when it comes to checking out the title status and owner's background. The owner's failure to cooperate in such endeavor should be viewed with a great deal of trepidation. Please help your fellow boaters by wiki-sharing any comments or experiences with this particular subject.
Credits and References
7/7/2022 - Page initiated by Team BoatWiki.