Airplane purchase process

[FelipeNJ32]

I do not fully understand the process for purchasing an airplane. I have created this list based on what I've been reading online. I don't understand how to accomplish step 5, do I need attorney ? And how is step 8 is accomplished ?


1. Airplane Appraisal
a. AOPA VREF2. Contact seller with questions.
3. Insurance quote.
a. Gallagher or BWI.4. Pre-approved Financing
a. AOPA
b. US Alliance5. Have a contract, sign it.
6. Pre-purchase inspection by mechanic
a. Differential compression on each cylinder
b. Include analysis of spare parts market, i.e., difficulty in acquiring spare parts.
c. Paint, check for corrosion under the surface
d. Verify AD compliance
e. Estimate ~$1,2007. Aircraft logbooks reviewed
a. for FAA Form 337
b. AD compliance
c. Service bulletins and letters
d. Aircraft/component serial numbers
e. Damage History (reoccurring?)8. Title search (no liens) & Escrow
9. ARROW documents are provided
a. Engine and Airframe logbooks
b. Aircraft equipment list
c. Required placards
d. FAR 91.41910. Bill of sale – FAA Form 8050-2
11. Register Aircraft – FAA Form 8050-1

 

[PeterNSteinmetz]

Usually the contact will call for you to place the purchase price with an escrow company who will release the funds subject to other terms, such as passing the inspection with no other major items wrong.

This company can normally do the title search for you and offers title insurance as well.

Nice book on buying and selling airplanes is available at https://www.amazon.com/Hamburger-Guide-Buying-Selling-Aircraft/dp/0615926991