Vessel closing services
A Vessel Closing Is More Than Moving Money
How a closing works
Three Phases, One Transaction
Before closing
- Ownership research
- Abstract of Title review
- State title review
- Lien identification
- Mortgage and payoff coordination
- Seller authority to sign
- Buyer ownership structure
- Closing documents prepared
- Lender requirements confirmed
- Tax considerations identified
- Funding requirements set
At closing
- Funds received
- Documents reviewed and executed
- Payoffs issued
- Taxes allocated
- Broker commissions disbursed
- Seller proceeds disbursed
- Transaction accounting completed
After closing
- USCG filings submitted
- State title and registration filings
- Preferred Ship Mortgage recording
- Tax remittance
- Document tracking
- Deficiency responses
- Final ownership documentation delivered
Why it is done this way
The goal of a good closing isn't simply to close today. It's to make sure today's closing doesn't become someone's documentation problem five years from now.
Who we work with in a closing
A closing normally involves a buyer and seller, one or two brokers, a lender or lienholder, sometimes escrow, and at least two government agencies. We coordinate the documentation side of that and keep everyone working from the same set of facts.
Buyer and seller documents
Bills of Sale, closing statements, acceptance and rejection documents, evidence of authority to sign, entity documents where an LLC, corporation, or trust is involved, and the federal and state filings that follow.
Money in a closing
Deposits, payoff figures obtained directly from the lienholder, commissions, taxes, and seller proceeds are accounted for line by line. Every disbursement should be traceable to a document in the file.
After the closing is not optional
Filings still have to be submitted, reviewed, and in some cases corrected. A closing that funds but never gets recorded correctly is exactly the problem this service exists to prevent.
If a lawyer or CPA is needed
Next step