An aircraft bill of sale form is an important document that serves as proof of the sale transactions of airplanes among a seller and a buyer. This form keeps track of the private information of the sale of civilian-owned and non-commercial aircraft. An aircraft bill of sale is also known as airplane bill of sale, plane bill of sale, and aircraft purchase agreement.
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Likewise any other ‘bill of sale,’ the aircraft bill of sale is an essential document that indicates the change of ownership of an aircraft from one person to another. It includes all the information that pertain to the aircraft and the transaction in question. In the ownership of the aircraft in question, it represents a shift.
Moreover, this bill of sale also represents the transaction costs involved, any taxes, and the associated liabilities. It can also be used to argue court cases if such arise later.
The purpose of the aircraft bill of sale:
An aircraft bill of sale has various purposes. Let us discuss them below;
- It is proof of a buyer and the amount of money they paid to get the airplane’s ownership.
- It is an important document for the registration process when the buyer receives the airplane.
- This document also legalizes and shows the sale of an aircraft.
Selling a plane:
You should follow the below steps for selling a plane;
Establish the plane’s value
For establishing the price of a used vehicle, you require a lot of thought to put in it. Similarly, before identifying the price of a used aircraft, many factors are also considered. The price of an aircraft is more unlike the use of mileage in vehicles. However, you should consider the following factors before determining the value of the plane;
- Engine hours
- Maintenance records
- Equipment/ technology
- Airworthiness directives
-In varying intensity, learn the types of appraisals
Getting a place appraiser would be the right thing to do who do not have the art and experience of the process involved in selling a plane. Here are the three types of appraisal on the basis of who do not have the art and experience of the process involved in selling a plane. They are vary in intensity and are listed below;
- Pricing digest valuation
- Desktop appraisal
- Physical or in-person appraisal
Use a broker or go online
Selecting to use a broker isn’t necessary. However, when selling a plane, it is safe and wiser to have help from an experienced individual. Aircraft’s broker don’t have official certification. You should look at their experience and their history of selling planes while selecting a broker.
The buyer has been found at this step and negotiations can begin. Before the final purchase is done, a buyer may select to put a deposit down. For this deposit, the buyer must build if it is refundable or non-refundable. In addition to this, the buyer should also well-known about the terms that identify the conditions for the deposit to be refundable.
Completing the bill of sale
This is an important and crucial stage when it comes to completing the selling process. To make sure that the transaction is finalized and legal, both the buyer and seller should uphold the laws and rules. When the seller gets the complete and agreed-upon funds of the airplane, then both parties have to sign the aircraft bill of sale. Moreover, the bill of sale should include all essential information to be complete and legally usable by the buyer for the registration of the plane.
Transferring the aircraft
The seller should now transfer the airplane to the buyer when the sale has been completed and the bill of sale signed. You may also like Equipment Bill of Sale Form.
Printable Airplane Bill of Sale Form
Free Aircraft Bill of Sale Form
Aircraft Agreement Bill of Sale Form
In conclusion, an aircraft bill of sale form is a document that serves as a proof of a sale transaction of a civilian-owned plane. It shows the transfer of ownership from the seller to the buyer.