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Often referred to as just a bill of sale, the bill for Airplane (aircraft) sale records a private transaction between a potential buyer and seller. A buyer's name, a seller's name, the make, the model, and the price will be listed.Additionally, it serves as a document for the sale of the aircraft and is used to register the aircraft by the FAA. Make sure all of your paperwork complies with local, state, and federal laws in order not to face sanctions.
Our form is all you need to get started. You can access the airplane bill of sale by clicking here. Once you've completed those steps, follow our guide to complete your sale.
First, you'll need to agree on the price. In addition, as a buyer, you'll need to determine how much you're comfortable depositing. With the seller, it is up to you whether the deposit will be refunded and under what conditions.
As soon as you decide you wish to buy the airplane, you'll need to fill out the bill of sale and make 2 copies of it. A certain amount of information must be included in this form. To avoid leaving out any vital information, we encourage you to use our vetted form.
Please fill out this document in the following order after receiving it:
The date the sale was completed
Name and address of the buyer
Seller's name and address
Aircraft information, including the following: Make, Model. The registration number and date of manufacture.
The agreed-upon purchase price
Delivery Date
Down Payment Due;
Indicate that it is non-refundable
Alternatively
Set the conditions under which the downpayment is due for a refund if when marking it as refundable
The inspection days for the airplane
The region in the US where the aircraft is being purchased
Printed signatures and names of all parties involved
Most parties also need to read and agree to a number of titled sections on this form. Sections that fall under this heading include Taxes, Assignments, Parties' Notice, Legal Provisions, Waiver, as well as Severability. The buyer must put down a deposit for the purchase once all the terms are clearly understood and accepted by the parties involved, and the form is completed filled.
The buyer has a specific period (in days) to inspect the aircraft after the form has been signed. If the plane is small, a mechanic may be able to complete the task within few hours. However, larger corporate aircraft and private jets may take much longer.
After the inspection passes, the sale can be concluded. The seller must deliver the plane and pay the full purchase price on the mutually agreed date. Following temporary registration, the buyer can also depart with the plane right there and then.
In order to get a plane registered, it is mandatory for the buyer to contact the FAA. The Federal Aviation Authority offers a form called AC 8050-1 that can be completed. Also to be sent to the FAA registry in Oklahoma City are the seller's original registration certificate with the sales information on the back, a current bill of sale form, all former bills of sale, and $5.00 for registration.
In order to obtain FAA approval, the buyer must present evidence of ownership, registration, and purchase. This document, ( the aircraft bill of sales) acts as proof of the purchase. In order to establish ownership, you should deliver the valid registration form of the former owner and past sales contracts. A duly filled AC Form 8050-1, with the necessary funds, should also be submitted to the FAA for confirmation of registration.