Bill of Sale Sale of Aircraft, Engines, Spare Parts and Form

What is the aircraft bill of sale?

The aircraft bill of sale is a legal document that serves as proof of ownership transfer for an aircraft, its engines, or spare parts. This form is essential for both buyers and sellers, ensuring that the transaction is documented and legally binding. It typically includes details such as the aircraft's make, model, and serial number, along with the names and addresses of both parties involved in the sale. The bill of sale is crucial for registering the aircraft with the Federal Aviation Administration (FAA) and for any future transactions related to the aircraft.

Key elements of the aircraft bill of sale

When preparing an aircraft bill of sale, it is important to include specific key elements to ensure its validity. These elements typically consist of:

• Identification of the parties: Full names and addresses of the buyer and seller.
• Description of the aircraft: Make, model, year, registration number, and serial number.
• Purchase price: The agreed-upon amount for the sale.
• Signatures: Signatures of both parties, along with the date of the transaction.
• Notarization: Although not always required, notarizing the document can add an extra layer of authenticity.

Steps to complete the aircraft bill of sale

Completing the aircraft bill of sale involves several straightforward steps:

1. Gather necessary information: Collect the required details about the aircraft and both parties.
2. Fill out the form: Accurately enter all relevant information, ensuring clarity and correctness.
3. Review the document: Both parties should carefully review the bill of sale for any errors or omissions.
4. Sign the document: Both the buyer and seller must sign the bill of sale to finalize the transaction.
5. Notarize if needed: Consider having the document notarized to enhance its legal standing.

How to use the aircraft bill of sale

The aircraft bill of sale is used primarily to document the transfer of ownership. After completing the form, it should be submitted to the FAA for registration purposes. This step is crucial for ensuring that the new owner is recognized legally and can operate the aircraft. Additionally, the bill of sale can be used in future transactions involving the aircraft, such as selling it again or applying for financing.

Legal use of the aircraft bill of sale

For the aircraft bill of sale to be considered legally binding, it must comply with specific legal requirements. This includes adhering to the Electronic Signatures in Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act (UETA), which govern the use of electronic signatures. Ensuring that the document is properly executed and includes all necessary elements will help protect both parties in the event of any disputes.

Examples of using the aircraft bill of sale

There are various scenarios in which an aircraft bill of sale may be utilized:

• Private sales: Individuals buying or selling personal aircraft.
• Business transactions: Companies acquiring aircraft for commercial use.
• Transfer of ownership: Situations involving inheritance or gifts of aircraft.
• Sale of spare parts: Documenting the sale of engines or components associated with an aircraft.