What happens when I sell my documented vessel?

When the sale is finalized, you may complete a Bill of Sale. The new owner will have to complete a Transfer application, which can be completed by navigating to the following link: Transfer/ExchangeIf there is an outstanding mortgage, the mortgagee (lender) should complete a Satisfaction of Mortgage. The vessel cannot be removed from documentation with an outstanding mortgage. You may complete a Satisfaction of Mortgage by navigation to the following link: Satisfaction/Release of Mortgage/Lien

what happens when i sell my documented vessel