Wayne,
I did some digging around and found a sample letter of agreement for the sale of an airplane. The formating is a little funky but you will get the idea.
________________________________________________________________
LETTER OF AGREEMENT
_________________________
Date
Where as ____________________________(hereafter called seller) wishes to sell a used aircraft, described as: make model year N number serial number, hereafter called the aircraft,
And _______________________________(hereafter called buyer) wishes to buy the aircraft it is agreed:
Buyer will pay seller the amount of $_____________(cash, certified funds, wire transfer) less any deposit tendered.
Buyer tenders a nonrefundable deposit in the amount of $_________ to seller in consideration for seller removing the aircraft from the market for a period of ____days , beginning upon the date of this agreement.
Seller warrants the title of the aircraft to be free and clear of all liens recorded or unrecorded and any and all other legal encumbrances and will defend buyer from any and all calms against the title of the aircraft.
Seller warrants that the aircraft is in airworthy condition. If any condition rendering the aircraft to be un-airworthy seller will at his option cause the condition to be remedied or return the full amount of any deposit.
The above stated warranties are the sole and only warranties as to the condition of the aircraft and/or its associated system. other than those stated above. There are no other warranties of any kind, stated or implied.
The aircraft will be subject to a per-purchase inspection, to be conducted by an FAA certified mechanic of buyer’s chousing at a location of buyer’s chousing. Buyer will pay all cost of the inspection as well as any cost incurred to reposition the aircraft. While the aircraft is in the custody of the Buyer’s agent for the purpose of the pre-purchase inspection Buyer will be responsible for any and all damage, in any form, to the aircraft.
The title transfer for the aircraft will be at ____________________ no later than ____days after the date of this agreement. After title transfer Seller will no longer be responsible for the safety or maintenance of the aircraft. Buyer will be responsible for transporting the aircraft from said location to the destination of his/her choosing, upon transfer of title.
_______________________________ _____________________________
Seller Date Buyer Date
