If you are not familiar with an aircraft bill of sale then read on …
What is an aircraft bill of sale
A bill of sale for an aircraft is a legal document issued by the seller to the buyer to transfer the title of an aircraft to the buyer. The bill of sale contains basic information about the transfer. This includes the date of sale, the amount of money received for the aircraft and the place where the transaction takes place. In addition, it is important to note that a bill of sale is legally binding. It can be used to prove the ownership of an aircraft.
Why both buyer and seller should keep the bill of sale
An aircraft bill of sale is very important to both seller and buyer. This happens both in the process of the purchase and thereafter.
To begin with, the buyer and seller can use this document in case of a disagreement. In a case of a legal tussle around the aircraft, the seller/buyer will be required to provide the document as a proof of a purchase. The aircraft bill of sale protects both the seller and buyer from future disputes.
In addition, the bill of sale is necessary when the buyer apply for an insurance plan for the aircraft. Insurance companies require aircraft bill of sale before providing with the cover.
Aircraft Bill of Sale Details
There is typical information that you find in an aircraft bill of sale.
First, you should expect to see the information on both the seller and the buyer including name and address.
Clearly, the bill states the terms of the transfer of an aircraft from the seller to the buyer.
The bill of sale also states all warranties clauses. This is especial if the buyer discovers that the plane is faulty after purchasing it.
In addition, you should expect to see the names of witnesses who oversaw the transaction. Witnesses are very important especially in an event of a disagreement.
Lastly, this bill has details about the aircraft. This includes the manufacturer, the make and the registration details.
Download Official Aircraft bill of sale from Federal Aviation Administration (FAA)
You can download an official aircraft bill of sale provided by FAA department. The form is in PDF so in order to use it, click on the link, fill out the necessary information and print out. Both buyer and seller should keep a copy of the aircraft bill of sale in a safe place.