Just like any other ‘bill of sale,’ the aircraft bill of sale is a document which shows the change of ownership of an aircraft from one person to another. It contains all the details that pertain to the aircraft and the transaction in question. It represents a shift in the ownership of the aircraft in question. More to that, the document also displays the transaction costs involved, any taxes and the associated liabilities (if any). The document may also be used to argue court cases should such arise later.
How does it work for both the seller and the buyer?
To the seller, the document is an official relief from all forms of liabilities that are associated with the aircraft in question. These include the tax liabilities and any other operational expenses. To the buyer, however, this document proves that he legally owns the aircraft. From that point henceforth, he has every right to make use of it.
What’s more? This bill of sale is a required document by the Federal Aviation Act. Simply put, you cannot purchase a second-hand aircraft without making do with this particular document at all.
What should be included in the “bill of sale”?
The following are some of the contents that exist in this particular document:
- The actual date of sale
- Name and mailing address of buyer
- Name and mailing address of seller
- Aircraft information
- Registration number
- Serial number
- Year of manufacture
- Agreed purchasing price
- Agreed delivery date
- Deposit amount
- Mark as non-refundable
- Alternatively, mark as refundable with the associated terms of references
- Duration of inspection period
- The US territory or State in which the aircraft is sold
- Printed names of all the buyers, witnesses, and the seller
Free aircraft bill of sale forms
How to register your plane with FAA?
Step I: Complete AC Form 8050-1
Start off by completing this AC Form 8050-1. You will have to download it from the Federal Aviation Administration website: https://www.faa.gov/
Step II: Send original registration certificate
After filling it, you have to send it alongside the original registration certificate of your aircraft. These two, you send to the headquarters of the US agency. Its address is:
Step III: Pay the mandatory registration fee
Now pay the mandatory registration fee. This costs $5 but may change with time. Use the same address if you use the US Postal Service as your preferred means of payment.
Step IV: Provide proof of purchase
The application will be assessed. If found successful, you will now be asked to provide proof of the purchase of the said aircraft. To do this, you will furnish the receipts, tax forms, and other documents which are used in effecting such purchases.
Step V: Generate a temporary registration form
Make your copy of the AC Form 8050-1. It will act as your temporary registration form before receiving your official registration from the aviation regulator. After some duration of time, the regulator will call to inform you of your new original registration form.
Now you know all that may be necessary for acquiring a new registration certificate for your aircraft. Follow the information we have provided to register your aircraft hassle-free. Hopefully, they are sufficient to let you do a good job.