An aircraft bill of sale is a business document that is used transactions that involve the sale of aircraft. For all transactions involving the transfer of airplanes for a seller to a buyer, the FAA requires you to have this bill of sale. The document highlights essential details about the transaction, such as details about the buyer& seller, model, serial number, year, manufacturer of the aircraft. Besides acting as the legal document in the transfer of airplanes from the seller to the buyer, this document is a mandatory requirement by the FAA when you’re registering your plane. In this regard, it’s essential to use a template aircraft bill of sale to ensure your document contains all the relevant information.
Importance of the Aircraft Bill of Sale
The aircraft bill of sale proves the transfer of ownership from a seller to a buyer. Typically, this document is prepared in duplicate, and you’re required to present one copy to the FAA when registering your aircraft; you can keep the other copy as a reference. Additionally, the seller can also photocopy the aircraft bill of sale for their records.
What to Include in the Aircraft Bill of Sale
According to The FAA, The airplane bill of sale Form must contain some vital information regarding the transaction. It’s recommended to use the pre-approved Form if you want to avoid leaving out any essential details. A standard airplane bill of sale should include the following.
- Names & address of the seller
- Names & address of the buyer
- Date of The sale
- Information about The aircraft such As model, serial number, make, registration number, year of manufacture, etc.
- Date of delivery
- Deposit amount (refundable or non-refundable)
- Inspection period
- Destination State or region where the aircraft is being sold
- Signature and printed names of all parties including the buyer, seller & witnesses
The Form also contains essential sections that the buyer and seller must agree on the information to be entered, such as taxes, Notice of parties, Assignment, Severability, and Inability to Perform. After deciding on the terms, these sections are filled, and the buyer can now pay a deposit for the purchase of the aircraft.
Free Aircraft Bill of Sale Form
Registering Your Aircraft with FAA
According to the FAA, an aircraft can only be registered in the legal name of the owner. You’ll require the following to register the plane:
- An Aircraft Registration Application also referred to as the AC Form 8050-1
- A $5.00 registration fee
- Proof of ownership e.g., a bill of sale
You’re required to use an original Aircraft Registration Application Form; these forms are available on the FAA website. Alternatively, you can collect paper application forms form any local Aircraft Registration office or FSDO. After making payments and filling the AC Form 8050-1, mail them to FAA registration Branch in Oklahoma City.
As you wait for the registration process to be completed, you can use a copy of the AC Form 8050-1 as a temporary registration for your aircraft.