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Frequently asked questions > Maritime > General informations > Planning the purchase, sale and financing of your boat under the Canada Shipping Act, 2001

Planning the purchase, sale and financing of your boat under the Canada Shipping Act, 2001

Are you considering the purchase and registration of a boat? You have to resort to a marine mortgage to finance the acquisition of this boat? You have finished repaying your loan?

In all these cases, you can use the services of a notary specialized in maritime law. The purchase and registration of a vessel, as well as the drafting and registration of a marine mortgage, present peculiarities which require the assistance of an expert of the sale and mortgage, your notary who is a specialist.

Your notary specialized in maritime law is in particular able to help you at the time of registration of your vessel by advising you about the information required by the Canadian Register of Vessels, by reserving, for your vessel, a name which meets the requirements of the Chief Registrar, by registering new owners when there is a sale of a vessel.

When acquiring a vessel, your notary who is a specialist will verify for you the entries related to this vessel in the Canadian Register of Vessels. He shall so assure you that you will have a good title of ownership on the vessel which you want to acquire.

Your notary who is a specialist can also help you during the purchase of your vessel by preparing a written sale contract. In the event of death of a vessel's owner, he will prepare the declaration of transmission of ownership of the vessel and he will file a declaration with the Registrar so that the latter can issue a new Certificate of Registry.

In Quebec, your notary who is a specialist is quite indicated for drafting and registering the marine mortgage which affect your vessel. Marine mortgage can affect only a registered vessel. Marine mortgage has this unusual feature that it can be granted only if the one asking for it is already the owner of the vessel. The notary who is a specialist can inform you about the various steps of ship financing; the search in the Canadian Register of Vessels, the rank of mortgages possibly affecting this vessel, the transitional financing (known as a bridge financing), the definitive financing, the loan agreement, etc.

Finally, when you will have repaid your loan, your notary who is a specialist can prepare and register with the Registrar the discharge of your marine mortgage.

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