Why did my title go to the US Coast Guard??

[ssullivan]

Has anyone who has sold a boat seen this?

My lein holder, after the boat was paid off for the sale, sent me a little sheet of paper instead of the title.

I have never heard of this before... they sent a little piece of paper to me saying that the "original was sent to coast guard".

The paper is titled "Satisfaction of Preferred Ship Mortgage"

Does anyone know anything about how to get the title after this type of thing happens? I'm very confused. I need to send the title to the new owners ASAP, but have no title to send.

[knottybuoyz]

As far as I know Sully, they won't need the title. They'll need to present the Bill of Sale to either Service Canada (if they license the boat) or Transport Canada if they register it. If US titles are similar to Cdn then the actual title documents belong to the registrar (either USCG or Transport Canada).

[CSY Man]

Same happened to me.

It was explained that since the boat is documented, they don't send ya the title...Or some such thing.

[gonesail]

the coast guard holds the title when the boat is documented even if there are no liens. the new owner will not get a title unless they take the boat out of documentation.

[ssullivan]

Ok, thanks for the input - and thanks for the really REALLY fast responses.

I was pretty confused, since there was all this talk about the title, and then nothing arrived when the loan was paid off.

I'm assuming maybe that the boat doesn't have a title, but that the "Preferred Ship Mortgage" is something filed with the National Vessel Documentation Center that signifies ownership?

Confusing to say the least...

Glad to hear the new owner can register with the official Bill of Sale in Canada. Whew! I was getting a little worried about this detail...

[ssullivan]

Originally Posted by gonesail

the coast guard holds the title when the boat is documented even if there are no liens. the new owner will not get a title unless they take the boat out of documentation.

I see... so when I surrender the documentation, I will get some kind of title back?

I just want to make sure it's removed properly so the Canadian who bought the boat doesn't have any problems.

[CSY Man]

I just want to make sure it's removed properly so the Canadian who bought the boat doesn't have any problems.

Aye so ya sold the boat?

Now what? Getting another one?

[ssullivan]

Originally Posted by CSY Man

Aye so ya sold the boat?

Now what? Getting another one?

Na...

If there's one thing we figured out, it's that you can't go cruising unless you are on the "independently wealthy" side of things.

If you have to work, your destinations are limited and you don't end up getting to cruise the world.

We are on land for as long as it takes to become "independently wealthy." We'll only consider cruising again if we can attain that goal.

To that end, does anyone on here know how I can open up a bank/brokerage account in the EU (as an American) for invesetment into various bond and index funds?

I would like to get my money out of the USA for a while...

[S/V Elusive]

From MY understanding, YOU and the bank had title to the boat. A notice of lien was filed with the CG, which would not have given you clear title unless the lien holder notified the CG and they released it. This is ONLy for documented boats. You can request a copy of the Clear title report & history (I think it is $165 or some such amount).

[ssullivan]

Originally Posted by S/V Elusive

From MY understanding, YOU and the bank had title to the boat. A notice of lien was filed with the CG, which would not have given you clear title unless the lien holder notified the CG and they released it. This is ONLy for documented boats. You can request a copy of the Clear title report & history (I think it is $165 or some such amount).

Sounds about right, Thomas. The bank did send out a notice of satisfaction of ship's preferred mortgage to the CG. Indeed, she is a documented boat.

[knottybuoyz]

Originally Posted by ssullivan

Sounds about right, Thomas. The bank did send out a notice of satisfaction of ship's preferred mortgage to the CG. Indeed, she is a documented boat.

Hey Sully.

I've been reading through the Cdn requirements for licensing and registration of recreational vessels. It really doesn't matter what/how your boat "was" titled. Once it changes hands and crosses the border into Canada essentially the boat at this point in time has neither US or Cdn title. For all intents and purposes the only legal documentation that indicates ownership of the vessel is the Bill of Sale. Once the boat arrives in the hands of its new owner in Cdn waters they will be faced with two options: 1) licensing (via Service Canada) and 2) Registration with Transport Canada. Registering a vessel with Transport Canada is the closest option to what you "had" with your CCG title. It provides proof positive of ownership and the ability to register a mortgage against the chattel (vessel). Licensing in Canada does (technically) neither of these.

If the new owners have any questions about Registering a vessel in Canada they can contact:

Suzanne Charlebois
Ship Registration Specialist
Transport Canada
Place de Ville, 330 Sparks Street
Ottawa, Ontario
Canada
K1A 0N5
Telephone: (613) 998-1526 E-mail: CHARLES@tc.gc.caRegistration of Vessels: Frequently Asked Questions - Ship Registration Office - Marine Safety

All licensing of recreational vessels in Canada is handled by Service Canada. Pleasure craft licences: Questions and answers

[rebel heart]

Originally Posted by ssullivan

To that end, does anyone on here know how I can open up a bank/brokerage account in the EU (as an American) for invesetment into various bond and index funds?

I would like to get my money out of the USA for a while...

There's a few ways to do it, but it's probably easier to pick a US based brokerage that invests in overseas growth. It's essentially the same thing, since you're just buying (through a proxy) shares of company XYZ.

I'm not too concerned about the US Dollar to be honest. It's taking a beating right now, but look at the competition:

- The EU, which in its current form started in 1993; hardly something to bet the farm on just yet.

- China, which is so bass-ackwards with its growth rate it's shocking. It's not hard to have the most expensive company in the world PTR - PetroChina Company Limited (ADR) - Google Finance when the Chinese people can only invest in Chinese companies. The fact that there's more money in there, than Exxon Mobile, which is by far more profitable, really underscores the tension of the Chinese-rubber-band, which is going to snap when the correction occurs (that's long overdue).

The greenback is going to get kicked in the mud for the next 5-10 years, but we have one thing they don't: a 200 year old economy that is really second to none when it comes to long term value. Technology, industrial revolution, agriculture, you name it.

If you have the cash, I'd really dump some money into American companies over the next 5 years or so that are managing to make a profit through a recession. Because when the come back happens (and just like a recession, it's always on the horizon), you'll have bought stocks at fire sale prices, with a weakened greenback. Hard to beat.

[TaoJones]

Originally Posted by ssullivan

To that end, does anyone on here know how I can open up a bank/brokerage account in the EU (as an American) for invesetment into various bond and index funds?

I would like to get my money out of the USA for a while...

It isn't necessary to get your money out of the USA to accomplish what you propose, Sean. You just need to get your money into non-dollar-based assets. I suggest you look into Euro Pacific Capital : Because there's a bull market somewhere. as they excel at just this sort of thing.

So, has your Canadian buyer accused you of "stealing" his title?

TaoJones

[David M]

Originally Posted by ssullivan

Na...

If there's one thing we figured out, it's that you can't go cruising unless you are on the "independently wealthy" side of things.

If you have to work, your destinations are limited and you don't end up getting to cruise the world.

We are on land for as long as it takes to become "independently wealthy." We'll only consider cruising again if we can attain that goal.

To that end, does anyone on here know how I can open up a bank/brokerage account in the EU (as an American) for investment into various bond and index funds?

I would like to get my money out of the USA for a while...

You can do that by investing dollars overseas. The value of your overseas investment will then fluctuate with their currency and not US currency. You will have effectively converted your US dollars into the currency of that country by purchasing stock, REITS, bonds or currency such as Euro's, etc. You can do this with any US trading account like Ameritrade etc or by calling a broker at any firm. Gold acts as an inflation hedge and currency depreciation hedge as well. I have had some appreciation on some land overseas because the value is tied to the Euro...so, not having assets tied to the dollar these days is not a bad idea.

I tend to disagree with you that you have to be independently wealthy in order to cruise. Ask those people who cruise in this forum who are not independently wealthy. Ask them how they do it. Perhaps a few in here might like to volunteer this information? Usually if there is will then there is a way.

[Fishspearit]

Originally Posted by ssullivan

Na...

If there's one thing we figured out, it's that you can't go cruising unless you are on the "independently wealthy" side of things.

If you have to work, your destinations are limited and you don't end up getting to cruise the world.

We are on land for as long as it takes to become "independently wealthy." We'll only consider cruising again if we can attain that goal.

I disagree that you have to be independantly wealthy to go cruising, but it sounds like you might have to be wealthy to go cruising in the style that you want.

My wife and I sold our cars and possesions for a total of $15,000. We bought a 30' sailboat for $12,500 in the Chesapeake, then spent the next 7 years living aboard and travelling between there and the Caribbean . Yes, we had to stop and work periodically. We'd work six months to a year or so while living at anchor to save up a few thousand dollars and then take off again, usually going a year or so and getting down to nothing before we found work again. Sure, it's hard looking around at all the older retired folks who didn't have to work anymore, had bigger boats, steady retirement income, but I knew they had worked for a lot of years to get to that point and I hadn't. I was poor and that part sucked but I was young and didn't need a windlass, or a fridge, or a shower on the boat, or the other luxury items that we couldn't afford. You either go with what you have or you admit that you don't want it bad enough.
After 7 years we got to that point. I know it's hard trying to cruise while living on your capital. We decided to sell the boat and work towards building income generating assets. As soon as our house sells and we can get our equity back out of it we're going cruising again, because looking back on my life the cruising years were the best I've had. It won't be on the boat that I'd love to own. It will be old with it's share of problems(but newer than the last one which was a 1962) And we won't have piles of money or be independantly wealthy and we'll have to work periodically, but I know that as long as we want it bad enough we can do it, and we can get out there, and have fun with it. You'll never feel like you have enough money. The boat will never be completely ready. You may not even think it's the right boat; but the right boat is the one that takes you cruising. And the right amount of money is what you've got in your pocket when you think it's time to let the lines loose.