1.1 (a) Subject to the terms of this Agreement, Seller agrees to sell and deliver to Buyer and Buyer agrees to waive all right, title and interest of Seller in and to such particular _________________________________N__________________________ as well as two engines of the Model containing the manufacturer`s serial numbers __ Aircraft, you must complete two copies of the Deed of Sale of Aircraft form. The FAA requires this form to contain certain information. We strongly recommend that you use our pre-approved form to avoid leaving out important information. Therefore, taking into account the mutual agreements and understandings contained in this document and for any other valid and valid considerations, the parties agree as follows: This form also contains a number of sections entitled that most parties must read and accept. These sections contain conditions for: Incapacity, taxes, assignment, notice of parties, laws, waiver and severability. Once all the conditions have been agreed and the form has been completed, the buyer must pay the deposit for the purchase. This ____N________________________________________ particular aircraft documents associated with the foregoing, as defined in this particular aircraft purchase agreement (the "Agreement") between Seller and the Purchasing Company. (collectively, "Buyer"), dated ___ date ____, 20___, all hereinafter collectively referred to as "Aircraft". (g) Seller agrees to indemnify and hold Buyer harmless from any claim by a broker or other party that asserts an interest in the aircraft or purchase price arising out of any actual or alleged relationship or agreement with Seller. The assurances, warranties, representations and agreements of the buyer and seller will survive the conclusion in the long term. The total purchase price of the aircraft is $__ CONSIDERING that Seller wishes to sell the Aircraft (as defined in Article 1.1(a)) to Buyer and Buyer wishes to purchase the Aircraft from Seller under the terms and conditions contained herein; and 1.2 (a) With respect to Buyer, this Agreement and Buyer`s consent to the sale of a particular ___ As required by the FAA, Buyer must provide proof of purchase, ownership and registration. Proof of purchase can be obtained using the aircraft`s Deed of Sale form.
You can prove your ownership by presenting the previous owner`s current registration form as well as all previous sales transactions to show the chain of ownership. Registration can be confirmed by filing a Form AC 8050-1 with the appropriate funds with the FAA. Seller hereby wishes to exchange all right, title and interest of Seller in and to the Aircraft for other aircraft of a similar nature and acceptable use in accordance with Section 1031 of the Internal Revenue Code. In addition, Seller expressly reserves the right to exercise its rights, but not its obligations under this Agreement, to Exeter 1031 Exchange Services, LLC, a qualified intermediary, in accordance with the IRC Regulations. 1.103l(k)-l(g)(4) no later than the closing date. Now the buyer must register his aircraft with the Federal Office of Aviation. This can be done by completing a Form AC 8050-1, which is available from the FAA. Buyer must also send the seller`s original registration certificate (with the sales information completed on the back), a current purchase agreement form, all previous offers to sell, and a $5.00 registration fee to the FAA Registry in Oklahoma City. First of all, you want to set a price for the plane with the seller.
As a buyer, you should also consider the amount you are willing to pay as a down payment before making the final purchase. You can decide with the seller whether this deposit will be refunded or not and under what conditions if it is refundable. After the conclusion of the purchase contract, the buyer has a certain period of days to carry out an inspection of the aircraft. An experienced mechanic can usually get the job done in a matter of hours, depending on the size of the aircraft. This may take longer for large business or private jets. Any sales, use or other taxes, as well as interest or penalties for such taxes (unless such interest or penalties result from an act or omission by or on behalf of the Seller not otherwise authorized or ordered by the Buyer) arising out of the sale of the Aircraft to the Buyer, other than income, capital gains or similar taxes imposed on the Seller shall be borne by the Buyer. .