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+1......close your eyes as you sing "Walk Away Renee" and then follow the songs advice.

If you're in love with the plane, you can give the current owner some time to get it cleared up but by no means tender the capital until it's documented to be clean.

If you're borrowing money to buy the plane, any lending institution worth their salt will make the decision for you as they will not position themselves as the second lien holder.



Jim

Can you get your voice a little deeper next time???


Clinton is so much fun.


Jim

The tarboosh! It's all about the tarboosh....I mean the Fez! The Fez and Poobs and his deaconess, Viking.

I wouldn't go that far, the buyer found an unreleased lien on my 150. It took a little time, but we got it cleared. I wouldn't say run away, but don't close the deal until it's fixed.

Agree - it's a deal killer unless it is released prior to completion of the sale.

We see this on a regular basis with farm equipment. The farmer gets a loan to buy the equipment, the lender files an lien. The farmer pays off the loan, but the lender never releases the lien. It is not hard to clear up 95% of the time (particularly if the lender is a bank). However, we have had a loan at a local bank that had been bought out two or three times. It took some time to get to the right person. But I agree the lien must be released before I would buy the plane. You are doing the seller and yourself a BIG favor.

I bought a used car in '91 from a couple in Kansas City. Their car loan was with a local bank in Missouri, which was sold to a regional bank, then sold to a national bank. Took them a few weeks to mail the car title to the bank HQ in another state to get it released and mailed back. Then I had a tough time convincing/begging the Kansas DMV to accept it because the name of the releasing bank wasn't the same as the lien holder.

When my nephew bought the C-150 we have now, AOPA's title search revealed an unreleased lien. It made the owner mad when my nephew and his Mom said the lien had to be released. It was an old, old lien that was on the plane when the guy bought it and he had not discovered (or apparently looked for) the lien. It took a good while to get it released.

When I bought N9428U, AOPA did a title search for me. When I got the results, there was a old lien against it. When I went over the title search very carefully I notice that they did the title search for N8428U. I call AOPA back and pointed out their error and they did another one on N9428U. That title search came back clean.

But, through the FAA registry, I found the owner of N8428U and called him to tell him he had an old lien against his Cessna 150M. He had owned his plane about 5 years at that time. He was very shocked and appreciative of my phone call.