AIRPLANE BUYING TIPS

Once you have decided on the type of aircraft that will fit your needs, the following are some tips and things to remember when purchasing an airplane.

 Pre-Purchase Inspection
    Before buying, have a mechanic you trust give the aircraft a thorough inspection
    and provide you with a written report of its condition.

 Title/Ownership/Liens
    Have an aircraft title search done. Don't make the mistake of finding out about a
    lien after you purchase the aircraft.

 Title Protection
    Consider the protection afforded to you by the title insurance. For a nominal fee
    you can protect yourself from surprise claims against your aircraft's title.

 Sales Contract
    Once you have decided to buy a particular aircraft, put the terms and conditions of
    the agreement in writing. This is for the protection of both parties since it is often
    difficult to enforce verbal contracts. The agreement need not be complicated, but it
    should clearly state the intentions of the parties.

 Aircraft Records
    Make sure the following documents are available and in proper order for the
    aircraft. Airworthiness certificate, engine and airframe logbooks, aircraft
    equipment list, weight and balance data, placards, FAA-approved aircraft flight
    manual or owner's handbook, and FCC  radio station license if currently
    applicable. Missing documents, pages or entries from aircraft logbooks may
    cause significant problems for the purchaser and reduce the value of the aircraft.

 Insurance
    Seek the help of an experienced aviation underwriter when determining what
    coverage you need.

 State Registration
    Determine whether you will need to register your aircraft with the state. Some
    states have registration requirements and impose a fee based on aircraft type,
    age, value or weight. In some instances this fee is in lieu of personal property
    taxes.

 Taxes
    Determine what state sales or use tax might be applicable.

 Final Inspection
    Visually inspect the aircraft prior to taking possession to assure yourself that no
    damage has occurred since the pre-purchase inspection and that all contract
    conditions have been fulfilled.

 Bill of Sale
    Have the seller execute a Bill of Sale, FAA Form 8050-2 (available on-the FAA
    web site) according to the instructions provided. Make sure that the seller signs
    his or her name, in ink, as it appeared on the previous Bill of Sale.

 Aircraft Registration
    Execute an Aircraft Registration Application, FAA Form 8050-1 (available on-the
    FAA web site) and submit this, along with the Bill of Sale and a $5 recording fee,
    to the FAA. The pink copy of your Registration should be retained and placed in
    the aircraft as a temporary registration certificate. It is valid for flight within the
    United States for 90 days. At the same time, submit any necessary state
    registration forms and fees to the appropriate state office.