Fort Lauderdale Aircraft Sales Attorneys Facilitating a Smooth Transfer of Ownership in an Aircraft Deal
Industry trends show that more people are flying planes than ever before. The United States is experiencing a swift recovery in flight activity with a 15 percent growth year-on-year, according to WingX.
As part of this, more airplane buyers are interested in owning their own aviation business or aircraft for recreational purposes. This is a good thing for airplane owners looking to sell and airplane buyers looking to purchase an airplane.
With aircraft prices holding firm across new and pre-owned markets, it’s a ripe market for airplane owners to get a good deal and return on their investment when they sell their airplane to an airplane buyer. Aero Law Center helps airplane owners sell their aircraft to vetted buyers looking to acquire.
Our firm has successfully helped many airplane owners sell their airplanes for the best deal. We put airplane owners’ financial interests first throughout the transaction and ensure their rights are protected from scams, poor deals, and future legal problems.
When it’s time to sell, think Aero Law Center.
What are the Best Practices for Selling an Airplane?
We help airplane owners get a return on their investment when selling their airplanes. This is the primary goal while also ensuring fair terms for the buyer. Aero Law Center helps airplane owners sell their planes for top dollar to qualified buyers.
Part of a successful sales transaction is helping airplane owners avoid legal liabilities and financial snags. Some of the best practices we recommend to clients include:
- Research market data and industry trends to identify any patterns.
- Use an experienced aviation broker or dealer who can contact airplane owners with the right sales contacts.
- Perform an aircraft evaluation online to determine an accurate value and listing price. This includes valuing add-on equipment, performance and specs, and the engine.
- Capture the attention of qualified buyers with impactful marketing through buy and sell platforms
- Hire an aviation lawyer to draft a bill of sale and purchase agreement, lead negotiations and assist with the transfer of ownership process
There is more to selling an airplane than the transaction. Aero Law Center is a resource throughout the aircraft sales process. We help airplane owners shorten the process with our knowledge and experienced aviation attorneys, giving clients an edge when selling an aircraft. We give airplane owners a worry-free experience as we manage all of the complicated, time-intensive parts of the sales process for you.
What is a Purchase Agreement?
A purchase agreement is an important legal component of any aircraft sales transaction. Aero Law Center creates a seamless sales process for airplane owners and potential buyers. We ensure airplane owners maximize their investment and that both parties comply with the terms of the agreement.
There are two things we ensure a purchase agreement accomplishes in an aircraft sales transaction. They include:
- On-time payment. From meeting specific deadlines to conducting a proper pre-purchase inspection to resolving discrepancies, we ensure you get paid on time.
- Less future liabilities. Any claims you make regarding your aircraft’s condition or otherwise should be carefully reviewed by our aviation lawyers to avoid future liabilities. For instance, one typical mistake sellers make in the purchase agreement is representing the plane’s airworthiness. This is the duty of the buyer’s mechanic to ensure the condition, and it’s a simple error that could leave you financially vulnerable to future repairs.
Count on the fact that no detail is overlooked when Aero Law Center is your legal counsel. Support, guidance, and sound legal advice are what you can expect when you choose our firm to represent you in an aircraft sales transaction.
How Do I Transition Ownership of a Plane?
An Aircraft bill of sale (AC Form 8050-2) initiates the transition of an aircraft. This is a conditional sales contract our aviation attorneys can help you draft. This document also proves ownership when necessary and ensures you are no longer associated with the aircraft, significant if an accident occurs.
An aircraft transfer from your possession to the new buyer includes a full bill of sale, and per aopa.org, we:
- Remove the original aircraft registration certificate with the previous owner’s name, complete the sale information on the backside of the certificate and mail it to the FAA registry
- Remove any FCC radio station license with your name, if applicable
- Provide all logbooks and records on the aircraft to the buyer
- Ensure the new owner fills out the registration form 8050-1 and saves a copy, and places it in the aircraft
- Outline the chain of ownership (especially if the original operator was the only owner) to show a transition to a new owner
As an operator considering an aircraft sale, an aviation attorney can ensure you are no longer associated with the aircraft and are removed from liability.
How Can an Attorney Help Buy or Sell an Aircraft?
Buying or selling an aircraft is an imperfect process made more accessible, faster, and straightforward with the help of Aero Law Center. Buyers and sellers must agree on all terms and conditions before an aircraft deal can close. Getting to this point, however, requires both parties to have good intentions to deliver on multiple fronts—no errors, accurate information, transparency, on-time delivery, and more. All buyers and sellers need help accomplishing this goal.
Our aviation lawyers help buyers and sellers come together and focus on suitable transactional activities to ensure a fair and mutual deal, free of liability. We know your time and resources are precious, and taking this proactive approach can save you thousands—even millions of dollars—in the long run, as many mistakes can be made and details overlooked that will cost you.
It’s fair to say that our aviation lawyers remove the heavy burden of managing the transaction process and the weight of future problems that could impact your personal and professional life without taking the proper precautions when you have the chance.
Protect yourself, your reputation, and your investment by investing in a good aviation lawyer who deals specifically in aviation law, like Aero Law Center. Use our consultation to speak with our aviation lawyers regarding your buying or selling needs, issues with a transition of ownership, or any other aviation-related matter. Contact us today for more information: 954-869-8950.