Hi Murray,
Fred made an EXCELLENT post...Lionel and John did a great job adding to it. Two comments from me:
- I was a victim of a lien that took me almost 6 months to fix. I did the lien search and discovered a lien from 1967...and I got a lien release letter from the holders of the lien called M&T Bank and submitted that to the FAA. It took me 4 months just to figure WHY the FAA did not accept the letter (I had to wait an hour each day on the phone just to leave a message, and then they would not return my call). The issue was that the bank that granted the original lien had changed their name 7 times...and it eventually became M&T. I had to employ and escrow company to sort through the FAA's own records and PROVE each and every name change before they would accept the original lien release letter I'd given them.
- I did the pre-purchase inspection in Canada. The seller and I arranged that if the results of the inspection were good...he'd just leave the plane in Canada...and I'd drive him back home. If the results of the inspection were not favourable, then he could just fly his plane back home...and I would cover his expenses. That part worked out well, and I felt it gave me a good negotiating position as the plane was "in my house" so to speak.
Last edited by Rob_DettaColli; 11/27/08 06:07 PM.
