Aircraft Bill Of Sale With Payment Terms

State:
Multi-State
Control #:
US-FS-574
Format:
Word; 
Rich Text
Instant download

Description

The Aircraft Bill of Sale with Payment Terms is a vital legal document used to transfer ownership of an aircraft between parties. It requires the seller to specify the purchase price and includes details such as the aircraft's registration number, manufacturer, model, and serial number. The form should be prepared in duplicate, ensuring all information is typewritten or printed, and signatures must be executed in ink. Importantly, the purchaser's name on the bill of sale must match their application for aircraft registration. There are associated fees for issuing registration certificates and recording liens or conveyances. This form is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in transactions involving aircraft, as it helps establish clear ownership and legal standing. Proper use of this form can facilitate seamless registration with the Federal Aviation Administration (FAA) and ensure compliance with local laws regarding ownership transfer. Users should carefully follow filling instructions to avoid potential legal issues.
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How to fill out Aircraft Bill Of Sale?

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Bill of Sale

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FAQ

The Bill of Sale must be filled out in duplicate (two originals). Both originals of the Bill of Sale go to the buyer - one is paired with the registration to go to the FAA, and the buyer keeps the other. The seller should make a photocopy, if he desires to keep a record.

ANSWER: Evidence of ownership can be shown on an AC Form 8050-2, Aircraft Bill of Sale, or similarly worded document. For the purpose of registration, the ?Bill of Sale? is the document used by the FAA to confirm that the applicant is the registered owner.

The bill of sale must include information about the buyer, the seller, the manufacturer and model of the plane, registration and serial numbers, and the purchase price.

An Aircraft Bill of Sale should include the aircraft's make, model, serial number, registration number (N-number), sale price, date of sale, seller's information, buyer's information, and signatures of both parties. It may also include any warranties or disclosures about the aircraft's condition.

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Aircraft Bill Of Sale With Payment Terms