Aircraft Bill of Sale
Description
Definition and meaning
The Aircraft Bill of Sale is a legal document that serves as evidence of the transfer of ownership of an aircraft from one party to another. This form is crucial for properly documenting the sale to ensure that the new owner holds clear title to the aircraft.
How to complete the form
To properly fill out the Aircraft Bill of Sale, follow these steps:
- Prepare the form in duplicate.
- Type or print all data except for signatures, which should be done in ink.
- Ensure the name of the purchaser matches the name on the application for aircraft registration.
- If the aircraft was not purchased directly from the last registered owner, include documentation that shows the entire chain of ownership.
- Sign the document under the appropriate sections.
Key components of the form
The essential components of the Aircraft Bill of Sale include:
- The names and addresses of the seller and buyer.
- The aircraft's registration number, manufacturer and model, and serial number.
- The purchase price of the aircraft.
- Signatures from all parties involved in the transaction.
- A section for notarization, if required by local laws.
Who should use this form
This form is intended for individuals or entities engaged in the sale and purchase of aircraft. It is important for both private sellers and aviation businesses looking to transfer ownership legally and transparently.
What documents you may need alongside this one
When completing an Aircraft Bill of Sale, you may also need the following documents:
- The previous bill of sale if applicable.
- Documents verifying any lien releases.
- Proof of identity for all parties involved.
- Application for aircraft registration to submit to the FAA.
Common mistakes to avoid when using this form
To ensure a smooth transaction, avoid these common errors:
- Failing to match the purchaser's name with the registration application.
- Not obtaining all necessary signatures, especially if there are multiple owners.
- Neglecting to document the chain of ownership if the aircraft was purchased from an intermediary.
- Omitting required notarization, if mandated by local law.
How to fill out Aircraft Bill Of Sale?
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FAQ
Remove the original aircraft registration certificate with the owner's name on it from the aircraft. Remove any FCC radio station license with your name on it (if there is one). Provide all logbooks and records on the aircraft (as agreed upon) to the buyer.
You can assemble your own kit plane The certificate requires a minimum of 20 hours, five of which are solo hours. With schools typically charging between $200 and $300 an hour, you are looking at a bare minimum of $4,000 for your certificate.
Aircraft registration expires three years after an aircraft was registered or last renewed.
Registering Your Aircraft an Aircraft Registration Application, AC Form 8050-1. evidence of ownership (such as one or more bills of sale) the $5.00 registration fee made payable to the Federal Aviation Administration.
AC Form 8050-2, Aircraft Bill of Sale, meets the FAA's requirements for evidence of ownership. An AC Form 8050-2 does not need to be notarized.You can download the form and obtain instructions for completing FAA Form 8050-2 on the FAA website at www.faa.gov or from your local FSDO.
An aircraft owner may apply for registration of an unregistered aircraft under 14 C.F.R. §4731(a), by filing an Aircraft Registration Application, AC Form 8050-1, the $5.00 registration fee, and evidence of ownership (if it is not already on file at the Registry).
Because aircraft do not have certificates of title (as vehicles do), some people believe an aircraft's registration certificate provides proof of ownership.Rather it is the bill of sale that provides proof of ownership.
Registering Your Aircraft an Aircraft Registration Application, AC Form 8050-1. evidence of ownership (such as one or more bills of sale) the $5.00 registration fee made payable to the Federal Aviation Administration.
Remove the original aircraft registration certificate with the owner's name on it from the aircraft. Remove any FCC radio station license with your name on it (if there is one). Provide all logbooks and records on the aircraft (as agreed upon) to the buyer.