vincefrazier(at)gmail.com
Guest
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 Posted: Tue May 06, 2014 5:57 am Post subject: RV-List Digest: 2 Msgs - 05/05/14 |
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| Quote: | Time: 10:45:45 AM PST US
Subject: Re: selling a plane
From: "jfogarty
Tom, There are forms on the www.faa.gov site. You will need to transfer
the title to the new buyer. Form 8050-2
Jim
On Mon, May 5, 2014 at 8:10 AM, Vince Frazier <vincefrazier(at)gmail.com (vincefrazier(at)gmail.com)>wrote:
> SNIP
>
>>
>> ________________________________ Message 1
>> _____________________________________
>>
>>
>> Time: 03:24:45 PM PST US
>> Subject: selling a plane
>> From: Thomas Sargent <sarg314(at)gmail.com (sarg314(at)gmail.com)>
>>
>> I am contemplating the sale of my RV-6A. I recall some years ago seeing
>> some sample sales agreement forms on the EAA website. Today I can only
>> find some good articles about selling your plane there, but no actual
>> templates for such a transaction.
>>
>> I observed the sale of a plane once and recall there were some
>> FAA-required
>> forms involved that I had never seen before (transfer of registration, I
>> guess.)
>>
>> Can any one who has been through this process give me some advice? Steer
>> me to a website perhaps or tell me why I'm nuts to try to do it without a
>> lawyer/airplane broker involved?
>>
>> Thanks,
>> --
>> Tom Sargent
>>
> SNIP
>
>
> Tom,
>
> Your best bet for a safe transaction is to use an escrow service. There
> are many. I have used AIC Title Services in the past and felt it was money
> well spent. A Google search will find several.
>
> There are many pitfalls to selling (or buying) a plane. It isn't like a
> car because the FAA doesn't issue a title, just a registration. The
> registration, or de-registration, doesn't necessarily protect you from
> claims. Transferring the money is always a problem. A escrow service
> eliminates many of the problems. Check it out.
>
> A few hundred bucks is well worth the paperwork and funds being handled
> professionally.
>
> Vince
> www.flyboyaccessories.com - RV tailwheels and many other nifty RV
> products.
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Gents,
More buying/selling thoughts:
While it is important to transfer the title to the new buyer, if you're selling, it is MORE important to make certain that you transfer the title OUT OF YOUR NAME. Many sellers forget this step. The registration form you carry in the plane must remain in your possession when you sell !!! It has a section on the back for YOU to fill out and send to the FAA. Here's a link that shows what I'm talking about: http://www.wileywales.com/sellingpix/registration.jpg NEVER assume that the buyer is honest and will take care of it for you!! NEVER.
When I sell a plane, I also send a letter to the FAA, along with the AC 8050-3 registration form from the plane, that specifically says that the plane is sold, to whom, and any other pertinent details. And keep a copy of both! The FAA doesn't care about the letter, but it serves to prove that you've sold the plane and may help protect you from claims arising if the new owner never registers the plane (a very common occurrence!!!)
If you don't think that you can get burned, I suggest you ask around. Old timers will often have some horrific stories! I have a long one.. too long to type... and suspect that the other guy may have gone to jail over the fraud and tax evasion involved.
If you're buying, you're a fool if you don't do a title search. I suggest using an escrow service too.
Imagine the reverse of the above scenario. You buy a plane without a title search, then find out that the previous "owner" never registered the plane, which means that the plane may actually still be owned by the previous seller. The previous seller could be: 1) dead, 2) a drug runner, 3) insert other bad scenario here, or 4) lazy and naive. Youd' better pray that the previous owner is #4.
The problem is that if you hand over the cash, you can end up with a plane that has significant title problems, liens, mechanic liens, or worse. You can lose your butt.
I hope this helps someone avoid any heartache.
Thanks,
Vince
www.flyboyaccessories.com
[quote][b]
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