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When I bought mine, I had my bank do a wire transfer to the owner’s bank. It took two or three hours, which I thought was longer than necessary. When the money was in his account, we signed the papers, and he gave me the keys.

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If he's offered to buy it sight unseen (bad move on his part), you provide him your routing number and have him wire transfer the funds directly to your account and it's done.

No need for any other steps with escrow accounts, etc.


Wire transfer and upon receipt, he owns the plane.

He shows up, you turn over the FAA Bill of Sale along with the keys and the transaction is complete and kaput.......it's done.




Jim

^Wire transfer.^

That’s how I sold our 150. Fast. Done.

Tim

I just bought a plane and we did a wire transfer, easy peasy. Of course it went to crap from there. Bought the plane in Florida, it's now in South Carolina and the carburetor is in Illinois. I am home in NY.

Pete

They know when they change owners and some of them don’t like it. I think they’re like pets, they need time to adjust and will have behavioral issue until they get adjusted.

I assume wire transfers have to take place during a normal banking day?

Saturday or Sunday won't work I suppose.

That's correct. Also, I've done several wire transfers at my bank. I make the wire transfer request before their cut-off time (3PM Central), they send it to the Federal Reserve Bank overnight, then the money arrives at the receiving bank by 6AM the next day. Some people told me their banks make the wire transfer right away and the money arrives instantly. I don't know if that's true.

Most banks nowadays charge a fee (around $15) for sending a wire transfer, and a smaller fee (around $10) for receiving a wire transfer.

We called the buyers bank and found it has an 800 number we can call to verify the cashiers check. The 800 number is active 24-7-365.

Thank you all for your great advise and willingness to help.

Yeah, well, when Pete gets his new one home it will fit right in to the pack, especially since the steering wheel is on the proper end of the fuselage. Can't wait!

Oh, yeah- wire transfer. That's how I bought my airplane, too, and it was quick, easy, and my bank handled everything quickly.

I sold a Bonanza a few years ago and the buyer (a rich cotton farmer in the central valley) wrote me a personal check for $60,000. The check cleared in ten days, I called and told him to come pick up his airplane and he did the next day. I wouldn't let anyone carry a large account of cash without first checking with the asset forfeiture laws in your state.