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Aircraft Bill of Sale

Aircraft (Airplane) Bill of Sale Form

Create an aircraft (airplane) bill of sale form to document all the details of your aviation sale and ownership.

An aircraft bill of sale is the legal document that records the transfer of ownership of an aircraft in a private sale or transfer between a buyer and seller.

The bill of sale must include information about the buyer, the seller, the manufacturer and model of the plane, registration and serial numbers, and the purchase price.

If you create your aircraft bill of sale, ensure it follows the FAA requirements exactly and is completed in duplicate — two originals — since one must go to the FAA with the registration.

Table of Contents

What is an aircraft transfer of ownership?

Aircraft exchange of ownership involves a series of legal and administrative steps. Here is a general overview of the process:

  1. Sale Agreement: The current owner (seller) and the buyer must agree on the terms of the sale, including the purchase price, payment terms, and any conditions or contingencies. This agreement is usually documented in a written contract.
  1. Title Search: The buyer or their legal representative should conduct a thorough title search to verify the aircraft's ownership history and ensure there are no outstanding liens, encumbrances, or legal issues associated with the aircraft.
  1. Purchase Agreement: Once both parties are satisfied with the terms and the title search is clear, they can proceed with the purchase agreement. This document should outline all details of the sale, including the aircraft's identification, condition, warranties, and any other relevant information.
  1. Bill of Sale: The seller should provide a Bill of Sale, a legal document that transfers ownership of the aircraft from the seller to the buyer. This document must be signed by both parties and notarized.
  1. Registration Documents: The buyer needs to complete the necessary registration documents to transfer the aircraft's registration with the appropriate aviation authority (e.g., the FAA in the United States). This typically includes submitting an Aircraft Registration Application, proof of ownership (Bill of Sale), and the appropriate fees.
  1. Inspection and Airworthiness: The buyer should ensure that the aircraft is in airworthy condition and meets all safety and maintenance requirements. An inspection by a certified aircraft mechanic or inspector may be necessary.
  1. Closing: The closing process involves finalizing the sale by exchanging the purchase price for the aircraft's title and keys. This often takes place at an agreed-upon location or through escrow services.
  1. Notification: The buyer must notify the relevant aviation authority about the change in ownership. This may include updating the aircraft's registration, filing a notice of sale, and obtaining a new Certificate of Aircraft Registration.
  1. Insurance: The buyer should arrange insurance coverage for the aircraft before taking possession.
  1. Records Transfer: All relevant records, including maintenance logs, should be transferred from the seller to the buyer to ensure the aircraft's history is well-documented.
  1. Tax and Legal Compliance: Both parties should ensure compliance with tax regulations related to the sale and transfer of the aircraft. Consulting with legal and tax professionals is advisable.
  1. Filing and Fees: Be prepared to pay any applicable fees associated with the transfer, such as registration fees, taxes, and any service charges from aviation authorities.

It's essential to consult with aviation professionals, legal experts, and the relevant aviation authority in your jurisdiction to ensure that you follow all necessary procedures and comply with local regulations when changing the ownership of an aircraft. The process may vary depending on your location and the type of aircraft involved.

What Forms Do You Need to Sell an Aircraft?

Selling an aircraft involves several forms and documents, and the specific forms required can vary based on your location and the type of aircraft. However, here are some common forms you may need when selling an aircraft in the United States through the Federal Aviation Administration (FAA):

  1. Aircraft Bill of Sale (FAA Form 8050-2): This form is used to transfer ownership of the aircraft from the seller to the buyer. Both parties must sign it, and it must be submitted to the FAA for registration purposes.
  1. Aircraft Registration Application (FAA Form 8050-1): The buyer must submit this form to the FAA to register the aircraft in their name. It typically includes information about the aircraft, its current registration, and the new owner's details.
  1. Aircraft Registration Certificate: The seller should provide the original aircraft registration certificate to the buyer, and the buyer should apply for a new one with their name on it after the purchase.
  1. Release of Lien or Encumbrance: If there are any outstanding liens or encumbrances on the aircraft, the seller must provide documentation to release these claims before the sale.
  1. Notice of Sale (Optional): Some states or local jurisdictions may require a notice of sale or transfer of ownership to be filed with their aviation authority or tax department. Check with your local authorities for specific requirements.
  1. Export Certificate of Airworthiness (If Applicable): If the aircraft is being exported to another country, you may need additional export documentation, which varies depending on international agreements and regulations.
  1. Maintenance Records: While not a specific form, complete maintenance records, including logbooks, should be provided to the buyer. These records are essential for maintaining the aircraft's airworthiness and value.
  1. Release of Liability: A release of liability form can protect the seller from legal responsibility for any accidents or incidents that occur after the sale. While not required by the FAA, it's advisable to have one as part of the sales agreement.
  1. Purchase Agreement: Although not a government form, a purchase agreement is a crucial document that outlines the terms and conditions of the sale, including the purchase price, payment method, and any contingencies.
  1. Bill of Sale for Avionics and Equipment (If Applicable): If avionics or equipment are sold separately from the aircraft, a separate bill of sale for these items may be needed.

It's important to consult with aviation professionals and the FAA or relevant aviation authorities in your area to ensure you have all the necessary forms and documentation to complete the sale legally and in compliance with regulations. Additionally, consider involving legal counsel to review the sale and protect your interests.

How to Write an Aircraft Bill of Sale

Writing an Aircraft Bill of Sale is an important step in transferring ownership of an aircraft. Here's how you can write one:

Step 1: Gather Information

Collect all the necessary information about the aircraft sale, including:

  • The full legal names and addresses of the seller (current owner) and buyer (new owner).
  • Detailed information about the aircraft, including its make, model, serial number (N-number), registration number, and any distinguishing features.
  • The sale price of the aircraft.
  • The date of the sale.

Step 2: Create a Heading

At the top of the document, create a heading that identifies it as an "Aircraft Bill of Sale." Include the date of the document.

Step 3: Identify the Parties

Below the heading, write a section that identifies the parties involved in the sale:

"I, [Seller's Name], residing at [Seller's Address], am the lawful owner of the following described aircraft:"

"I, [Buyer's Name], residing at [Buyer's Address], am purchasing the above-described aircraft from [Seller's Name] for the sum of [Sale Price] on [Date]."

Step 4: Describe the Aircraft
Provide detailed information about the aircraft. Include the make, model, serial number, and registration number (N-number).

Step 5: Transfer Ownership

Write a clear statement indicating the transfer of ownership from the seller to the buyer. For example:

"I, [Seller's Name], hereby transfer full ownership of the described aircraft to [Buyer's Name], effective as of [Date]."

Step 6: Signatures

Leave space for both the seller and the buyer to sign and date the document. Include lines for each person's printed name and address.

Step 7: Notarization

While not always required, having the Aircraft Bill of Sale notarized can add an extra layer of authenticity. If you choose to do so, include a section for the notary public's signature, seal, and commission expiration date.

Step 8: Copies

Make multiple copies of the signed and notarized Aircraft Bill of Sale. The seller and buyer should each retain a copy, and you may need additional copies for filing with aviation authorities.

Step 9: Additional Documentation

Remember that the Aircraft Bill of Sale is just one part of the documentation needed for an aircraft sale. You may also need to complete other forms and provide maintenance records, logbooks, and other related documents as required by aviation authorities and regulations.

Step 10: Consult Legal Professionals

Aircraft transactions can be legally complex, so it's advisable to consult with legal professionals who specialize in aviation law to ensure your Aircraft Bill of Sale and related documents comply with all relevant laws and regulations.

How Do I File an Aircraft Bill of Sale?

Federal Aviation Administration (FAA) Registration Requirements

Filing an Aircraft Bill of Sale involves several steps, including submitting the necessary documents to the Federal Aviation Administration (FAA). Here's a general overview of the process and an explanation of FAA registration requirements:

Step 1: Complete the Aircraft Bill of Sale

Before filing with the FAA, you need to ensure that the Aircraft Bill of Sale is properly completed and signed by both the seller (current owner) and the buyer (new owner). Include all required information, such as the aircraft's make, model, serial number, N-number (registration number), sale price, and the date of the sale.

Step 2: Notarize the Bill of Sale (Optional)

While notarization is not always required, having the Aircraft Bill of Sale notarized can add an extra layer of authenticity to the document. Some states or countries may have specific requirements regarding notarization.

Step 3: Obtain Supporting Documentation

The FAA may require additional documents to complete the registration process. These documents may include:

  • Aircraft Registration Application (FAA Form 8050-1): This form provides essential information about the aircraft and its ownership. You can obtain this form from the FAA or its website.
  • Aircraft Registration Certificate: If the aircraft was previously registered, the seller should provide the buyer with the existing registration certificate. The buyer will need this certificate to complete the registration transfer.
  • Proof of Ownership: Supporting documentation may include previous bills of sale, invoices, or manufacturer's certificates of origin.

Step 4: Submit Documentation to the FAA

You can submit the Aircraft Bill of Sale and supporting documents to the FAA in one of the following ways:

  • Online: Visit the FAA's Aircraft Registration Online Services website and follow the instructions for submitting your documents electronically.
  • Mail: Mail the documents to the FAA Aircraft Registration Branch at the address specified on the FAA's website.
  • In Person: You can also submit documents in person at the FAA's Aircraft Registration Branch in Oklahoma City.

Step 5: Pay Applicable Fees

The FAA typically charges a registration fee for processing the Aircraft Bill of Sale and issuing a new registration certificate. The fee amount may vary, so check the FAA's official website for the current fee schedule.

FAA Registration Requirements:

The FAA has specific requirements for aircraft registration, which include:

  1. Eligibility: To register an aircraft with the FAA, the applicant must be a U.S. citizen, a U.S. government entity, or a legal U.S. resident.
  1. Ownership: The applicant must provide proof of ownership or a legal interest in the aircraft.
  1. Airworthiness: The aircraft must meet FAA airworthiness standards and be in an airworthy condition.
  1. Payment of Fees: Applicants must pay the required registration fees.
  1. Proper Documentation: Submit all required documents accurately and completely. This includes the Aircraft Bill of Sale, Aircraft Registration Application, and supporting documents.
  1. Timely Renewal: Aircraft registration is typically valid for three years. Aircraft owners must renew their registration before it expires.
  1. N-Number Display: Registered aircraft must display their N-number (registration number) by FAA regulations.
  1. Compliance with Regulations: The aircraft must comply with all applicable FAA regulations and safety standards.

It's crucial to check the FAA's official website or contact them directly for the most up-to-date and detailed information on aircraft registration and filing procedures, as requirements may change over time.

FAQs

What is an Aircraft Bill of Sale?

An Aircraft Bill of Sale is a legal document used to transfer ownership of an aircraft (airplane) from a seller to a buyer. It includes details about the aircraft, the parties involved, the sale price, and the signatures of both the seller and the buyer.

Do I need a Bill of Sale to sell an aircraft?

Yes, a Bill of Sale is a crucial document when selling an aircraft. It provides a legal record of the transaction and the transfer of ownership. It's also required by the Federal Aviation Administration (FAA) for registration purposes.

What information should be included in an Aircraft Bill of Sale?

An Aircraft Bill of Sale should include the aircraft's make, model, serial number, registration number (N-number), sale price, date of sale, seller's information, buyer's information, and signatures of both parties. It may also include any warranties or disclosures about the aircraft's condition.

Is notarization required for an Aircraft Bill of Sale?

Notarization is not always required, but it can add an extra layer of authenticity to the document. Some states or countries may have specific notarization requirements, so it's essential to check local regulations.

Can I use a template for an Aircraft Bill of Sale?

Yes, you can use a template or a pre-existing form for an Aircraft Bill of Sale. However, it's crucial to ensure that the template complies with FAA requirements and includes all necessary information.

What is the role of the FAA in the sale of an aircraft?

The FAA (Federal Aviation Administration) plays a significant role in aircraft transactions. They require aircraft owners to register their aircraft and maintain accurate records of ownership changes. When an aircraft is sold, the FAA requires the submission of the Bill of Sale and supporting documents to update the aircraft's registration.

Aircraft (Airplane) Bill of Sale Sample

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