New Jersey Aircraft Lease Agreement with Option to Purchase

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US-02501BG
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Description

Under the Federal Aviation Act of 1958, any conveyance that affects the title to, or any interest in, any civil aircraft of the United States must be acknowledged and recorded with the Administrator of the Federal Aviation Administration in the manner prescribed by statute. After such an instrument is recorded, it is valid as to all persons without recording and regardless of notice.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Aircraft Lease Agreement with Option to Purchase
  • Preview Aircraft Lease Agreement with Option to Purchase
  • Preview Aircraft Lease Agreement with Option to Purchase
  • Preview Aircraft Lease Agreement with Option to Purchase
  • Preview Aircraft Lease Agreement with Option to Purchase
  • Preview Aircraft Lease Agreement with Option to Purchase

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FAQ

Tax Exempt ItemsFood for human consumption.Manufacturing machinery.Raw materials for manufacturing.Utilities and fuel used in manufacturing.Medical devices and services.

Sales Tax Law Exempt items include most food sold as grocery items, most clothing and footwear, disposable paper products for household use, prescription drugs, and over-the-counter drugs.

Packaging/Wrapping SuppliesSales of nonreturnable materials used to contain, protect, wrap, and ship property are exempt from New Jersey Sales Tax. You can issue an Exempt Use Certificate (Form ST20104) to your supplier when purchasing these items and not pay Sales Tax.

With a dry lease, an aircraft owner/lessor leases an aircraft to a lessee/operator without a crew. Neither the lessor nor the lessee is required to hold a charter certificate. In a dry lease situation, the lessee provides its own crew and exercises operational control of its flights.

Dry lease: In a dry lease, the owner provides the aircraft to the lessee without a crew. Neither party is required to have an air carrier certificate so long as the aircraft does not carry people or property for compensation or hire.

The differences between wet-lease and dry-lease aircraftsIn a wet-lease situation, the lessor maintains operational control of all flights whilst providing aircraft and crew, whereas with dry-lease the lessee provides its own crew and exercises control.

What is a lease-option-to-buy? A lease-option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property. The tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment.

A lease is a contract outlining the terms under which one party agrees to rent an assetin this case, propertyowned by another party. It guarantees the lessee, also known as the tenant, use of the property and guarantees the lessor (the property owner or landlord) regular payments for a specified period in exchange.

Some examples of nontaxable goods and services are: Unprepared food for human consumption, clothing, certain professional and personal services, and real estate sales.

Goods that are subject to sales tax in New Jersey include physical property, like furniture, home appliances, and motor vehicles. The purchase of both prescription and non-prescription medicine, groceries, gasoline and clothing are tax-exempt.

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New Jersey Aircraft Lease Agreement with Option to Purchase