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Airplane Bill of Sale
Are you planning to sell your aircraft but don’t know where to begin? If so, you will be needing an airplane bill of sale to do this. When buying or selling an aircraft, the Federal Aviation Administration (FAA) requires an aircraft bill of sale, also known as Form AC 8050-2. This form contains vital information on the buyer and seller, as well as the transaction specifics. Learn how simple it is to access it, complete it, and get it signed before sending it securely. Read more below in this article to learn more about airplane bills of sale: Read More
What Is an Airplane Bill of Sale?
A bill of sale form for an aircraft or airplane is a document used to facilitate the sale of a non-commercial, civilian-owned plane. It’s also known as an airplane purchase agreement and it’s used to prove that a buyer paid a certain amount of money in exchange for the aircraft’s ownership rights. This proof is required for registering the aircraft, which must be completed by the buyer (new owner) after the transaction is completed. The aircraft bill of sale, like any other “bill of sale,” is a legal document that documents the transfer of ownership of an aircraft from one person to another. It covers all of the information about the plane and the transaction in question. It denotes a change of ownership of the plane in question. Furthermore, the document shows the transaction expenses, taxes, and obligations associated with the transaction (if any). The paper could potentially be used to argue in court if the need arises in the future.
How to Sell an Airplane
The act of trying to sell an airplane in itself can be rather daunting for many first-timers. If you want to learn quickly, refer to the steps outlined below.
Step 1: Determine the Value of the Airplane
There are many variables that go into the pricing of a used aircraft. Similar to how the mileage on a vehicle is only one aspect of its condition, the number of flight hours a plane has doesn’t come close to painting the full picture of its value. It’s a good idea to obtain a broad sense of how much your plane is worth before you put it up for sale. The Vref, an abbreviation for “Valuation Reference,” is a handy tool provided by the AOPA (Aircraft Owners and Pilots Association). It’s a service that calculates the value of an airplane based on a variety of factors. Apart from that, it is not the whole and the end of everything, it is still recommended that the aircraft be inspected by a specialist. Many factors influence the price of an aircraft, such as the demand for a particular model, its history, damage, repairs, etc. With all of these considerations in mind, you should be well on your way to determining the true value of your aircraft.
Step 2: Advertise Your Aircraft
Now that you have a sale price in mind, it is time to list your aircraft for sale. You may want to start by posting an ad on a website that specializes in selling airplanes. This listing must include a detailed description, photos, and the listing price. There are several websites available to list your aircraft in order to reach the largest number of potential buyers.
Step 3: Negotiating with Prospective Buyers
To begin with, you’ll need to set a cost with the seller for the plane. As the buyer, you’ll moreover need to consider how much you’re willing to put down as a store some time recently making the ultimate buy. You’ll be able to decide with the seller whether this store will be refundable or not and under what terms in the event that it is refundable. Once a potential buyer contacts you, they must discuss and agree to the terms of the sale. Some things you will need to determine will be; the price at which the aircraft will be sold, the method of payment (it is recommended to meet with a bank to make the transfer), if the buyer wants a pre-purchase inspection, etc. After an agreement, you can use the contract exchange depleted funds for the property. Once an interested party has been found, negotiations begin. If the buyer is really interested in buying, they will most likely request a pre-sale inspection of the aircraft. Depending on the thoroughness of the inspection and the size of the aircraft, this can take from one (1) to several hours.
Step 4: Receive Money and Complete the Purchase agreement or Bill of Sale
Since the purchase agreement is a confirmation of the sale (and shows ownership), it should not be signed until the buyer has transferred the money to the seller. However, the seller can complete the sales contract in advance to speed up the signing process. Ensure that the buyer can use the contract of sale for registration purposes. You can also check the templates and forms that we have in order for you to use as your airplane bill of sale. The FAA does not need to notarize the sales contract. However, this may be required by the state in which the aircraft is sold. In addition, the notarial certification of the sale contract gives legitimacy to the contract.
FAQ
What is the purpose of an airplane bill of sale?
An airplane bill of offer has various purposes. A portion of the justifications for why this record is arranged are recorded beneath. An airplane bill of offer is also proof of a purchaser (new proprietor) and the measure of cash they paid to get the plane’s possession. An airplane bill of offer is a fundamental record for the enlistment cycle after the purchaser gets the plane. Lastly, an airplane bill of offer likewise legitimizes and shows the offer of an airplane.
Is a bill of sale for an aircraft required?
Yes, the execution of this agreement is required by law. It’s a formality that can be used as proof of sale and kept on file for future reference. It must be prepared in duplicate, which means two copies of the form must be filled out and signed, with the purchaser’s name matching the applicant’s name on the registration. The customer will receive both original copies, and will be required to submit one when registration and keep the other for their records (the seller may make a photocopy for their records).
Does an aircraft bill of sale need to be notarized?
If an Aircraft Bill of Sale, meets the FAA’s requirements for evidence of ownership, there is no need to have your bill of sale notarized. This type of bill of sale is used as proof of purchase of your aircraft and is a requirement for registering the aircraft to your new buyer. As long as you comply with the necessary documents and requirements for your aircraft, there should be no problems afterward.