Club Homepage Forums Classified Ads Buy & Sell - Everything But Airplanes Purchase and Sale Agreement Needed

Hi All,

Well, after much looking I think I am going to by a 150.

I have bought a bunch of cars and a few houses in the past, but never an airplane.

I could use some advice as to how to proceed. I have a deal worked out, verbally, but want to put it in writing. Does anyone have a copy of a purchase and sale agreement that they could send my way? What are some of the pit falls to watch out for at this point?

I need to act fast, as I have already needed to outbid someone and don't want to get caught in an expensive bidding war...

Thanks in advance,
Tim in Mass

I don't have experience with a purchase/sale agreement, but don't hand over money until you have run a title search. AOPA offers that service to members for $99:
http://www.aopa.org/info/certified/tne/TitleSearch.htm

Also go here to request a CD from the FAA that contains all records (registrations, mods, etc) that they have on file for that aircraft. The cost is $5 and they'll send you a bill. It's the best $5 you ever pay the government:
http://162.58.35.241/e.gov/ND/airrecordsND.asp

I think AOPA will also have a sample purchase agreement.

Can't find it right now on their site, but I believe we used when I bought 72G from Bill.....

JC

Tim,

Just my thoughts:

We should never be in a hurry to buy a house or a plane.

There's nothing wrong with giving the owner a deposit with certain contingency's:

1. Title Search
2. Prepurchase Inspection

If the plane does not pass the muster on both - you walk away with refund in hand. If the owner won't work with you on this, you still walk. Odds are very good that the owner had both done when he bought the plane - this is the norm.

I think you'll find that most if not all members on the forum will agree that these two items are considered the normal way to conduct business when buying a plane.

Even when you buy a plane from a friend a title search is the norm. There can be a lien attached that the owner is not even aware of.

Good luck and if it goes through fine , enjoy the plane.

Jim

Tim:

Here's a URL to the AOPA sample purchase/sales agreement.


http://www.aopa.org/members/files/topics/purchase_agreement.html

AOPA offers a ton of help to its members for buying/selling aircraft. If you aren't a member, join and take advantage of the services offered.

Jim's on the money about not being in a hurry to buy. Sellers always have a great sense of urgency to complete the sale. Take your time, it'll pay dividends in the long run.

Good luck and best wishes for getting a great airplane!

Don

"Marry in haste; repent at leisure"

In addition to the previous advice, you really oughta have an A&P (that YOU picked) take a look at the plane before money changes hands. Planes advertised as having a fresh annual may still be hiding very expensive problems (maybe the mechanic was a friend trying to help the sale; maybe the annual was just a paid signature).

You'd hate to get a 'great deal', only to spend $5000 more on 'obvious' problems after the fact. Not all transactions are bad, but there's a lot of financial incentive in aviation to be unscrupulous....

Thanks for the info everyone! This info is exactly what I am looking for.

From my message it does give the impression that I am perhaps moving to quick. However, I been looking for a long time and found nearly exactly what I have been looking for and it is local. I don't beleive that I will ever find the perfect plane, but that can be fixed with do-dads and gizmos in the future.

Past experience has shown me, if it feels right, move quick before the other guy does... And the other guy already has!

This plane is in excellent condition and is owned by an A&P. He took this plane on as a project and went through it from front to back. I am confident that this is a deal, even with my counter offer...

Thanks,
Tim

Tim,

I am not normally a critical sort of guy, but this time I am going to be....for your sake.....

You are smitten with this deal, and "feeling right" in aircraft acquisitions is usually the first words in a very unhappy ownership experience.

Even when it's all done right, there will be issues, some major.

I bought my Cherokee 180 from an A/P owner (that in and of itself is a red flag to some buyers). Granted it is an old airplane, but with a fresh engine, and fresh annual. So far, my unfaithful steed has racked up a sizable repair bill in squawks that should have been taken care of in an annual (badly worn checked tires, brake lining shot, and bracket broken, etc, etc) Plus, despite a thorough pre-buy, we discover engine problems on a 180 hour engine, that were masked by the "A/P" owner advancing the timing way out of spec.

All three airplanes I have purchased have had a variety of A/P involvement (pre-buys to ownership) and the things that A/P's miss or don't do on their own airplanes is appalling. I am not lumping them all together, and I have dealt with honorable and meticulous A/P's too (they are the norm).

I guess my point is....A/P ownership, pretty paint and such mean nothing when it is a deal between a buyer and seller. The rules should be the same, and your rush to purchase without due diligence may sour your ownership experience and drive you away from aviation.

Okay...sorry for all that, but hope you know it is in the spirit of care, not criticism that I give it.

Like Jeff said, it's still prudent for you to get a pre-buy inspection from another A&P. Being a watch collector, I'm really wary about buying a watch from a watch repairman. If it's his pride-and-joy, usually the price is really high. If its price sounds like a good deal, usually it has some problems that he didn't want to spend his time fixing.

Yikes Gary! Do you wanna come up and take Mr. Ed back so to get a thourgh inspection?

Naw, I agree with what has been said here. Some people say that I am lucky. Maybe so. But, I am one that acts upon gut instinct. Maybe the word "jump" would be more appropriate. I now have purchased two aircraft,. (three, if you count an ultralight), sight unseen. I did not set eyes on either aircraft until they were delivered to me. It felt right so I went for it. So far, I have got exactly what I expected. (Maybe even more!)

But, maybe that may be the difference. Being sight unseen, I EXPECTED minor problems. And each aircraft had their share. But, when they indeed arose, I was prepared and really not surprised.

Just don't let your enthusiasm over ride your gut instincts.