How are sales transactions typically done these days?

YankeeClipper · #1 09-04-19, 01:49 PM

Thanks all.

I did see that AOPA page before, but it doesn't seem to lay out steps so much as point to forms involved.

Once the seller has been paid, and it's time to go home:

It's my understanding currently, that to take the aircraft home, you need only to have a bill of sale filled out (not submitted to any other party/agency at this point), and the "back" of the registration filled out with the buyer's name and address, and the seller's signature (also not sent or copied to any other party at this time). Simply filling out and holding onto the above two documents makes your possession and transport home of said aircraft 100% legal. Is that correct?

hharney · #2 09-04-19, 08:03 PM

Quote:

Originally Posted by YankeeClipper

It's my understanding currently, that to take the aircraft home, you need only to have a bill of sale filled out (not submitted to any other party/agency at this point), and the "back" of the registration filled out with the buyer's name and address, and the seller's signature (also not sent or copied to any other party at this time). Simply filling out and holding onto the above two documents makes your possession and transport home of said aircraft 100% legal. Is that correct?

Forms for Buying and Selling Aircraft

Aircraft Registration (AC Form 8050-1)

Aircraft Bill of Sale (AC Form 8050-2)

8050-3- Current registration in aircraft, back filled out, signed and sent into FAA.

Information if registering aircraft in an LLC

Sample Aircraft Purchase/Sales Agreement

An airworthiness certificate usually is transferred with an airplane when it is sold, but the certificate alone does not fulfill the regulatory requirement. A buyer must ensure that the airworthiness certificate is, as the regulation specifies, current.

YankeeClipper · #3 09-05-19, 04:20 PM

I have finally found an AOPA article on exactly this. It isn't dated (for shame) but appears rather current.

https://www.aopa.org/go-fly/aircraft...ng-an-aircraft

wslade2 · #4 09-07-19, 12:01 AM

I have used AOPA's title and escrow service. They pretty much take you though the steps. There are multiple articles from AOPA.

Title search first: you can find some interesting history about your airplane, accidents, major repairs, etc. You might read it and stop right there.

Talk to your insurer. Can you get insurance? Under what conditions? Training? You may be required to have so many hours of dual after you own it. Is there a type pilot/trainer around? Talk to them. You may need ferry pilot depending

Purchase contract and in that work out inspection details-have an out if you don't like it. An opportunity to get your deposit back if you don't go forward.

Inspection (logs, A&P, search the owners association and read everything you can about your possible purchase, be aware of AD's that apply). Become your own expert-be very involved. I inspected multiple times. I asked to look at it before even doing a contract, and came back again for "official look" after contract, and again before closing. Went in eyes wide open aware of some areas I would want to have serviced or could pop up as problem after purchase. And they did pop up. I met the owner more than once or even twice.

When ready to go (you're main question), use AOPA Escrow service (or there are others); there is a small fee. They will make sure proper documents filed and money doesn't change hands until all sides have done what they are supposed to. For example, on one of my purchases they wouldn't let money out of escrow or allow any part of the transaction to move until an unsettled side agreement between owner and broker that I didn't know was there was settled. Better than wiring money and standing with hands outstretched hoping bill of sale drops in them. Arrange with owner to get the keys.