Download PDF by Raymond Speciale: Aircraft Ownership : A Legal and Tax Guide

By Raymond Speciale

ISBN-10: 0071407642

ISBN-13: 9780071407649

ISBN-10: 0071434003

ISBN-13: 9780071434003

* bargains ''how to'' details and recommendations to the most typical felony and tax matters dealing with normal aviation plane owners--in layman's phrases

* movement charts, diagrams, and criminal case briefs supply actual global situations of every dialogue

* CD-ROM comprises downloadable varieties, agreements, and checklists

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Additional info for Aircraft Ownership : A Legal and Tax Guide

Example text

Typically, the buyer performs his end of the deal by simply paying the amount due under the contract. However, more often, the seller has more duties in terms of delivery, providing an airworthy aircraft, living up to warranties, and other potential duties. Think it through with your counsel before you put an indemnification clause in your agreement—it could be a double-edged sword. Dispute resolution and governing law It is most likely that your aircraft sales transaction will go off without a hitch.

In the following paragraphs, we will review some of the ingredients necessary to draft an aircraft sales agreement that will clarify the buyer’s and seller’s intentions. Remember, however, that each transaction has its own unique context and circumstances. The items presented are for discussion purposes between you and your legal counsel. Some of the suggestions may be appropriate for your Buying and Selling an Aircraft 21 deal, and some may not. In the end, the effort you expend on drafting the agreement may also help you clarify your expectations from the transaction— whether you are the aircraft buyer or seller.

In some cases the funds may be held in an interest-bearing account. At approximately the same time, the seller deposits the necessary aircraft title documents with the escrow agent. Usually this involves a deposit of a properly executed FAA bill of sale transferring title to the airplane from the seller to the buyer. If the seller has financed the aircraft and liens exist on the aircraft, the escrow agent will call on the seller’s bank to submit any necessary documents to release its liens once any money owed to the seller’s bank is paid through the escrow.

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Aircraft Ownership : A Legal and Tax Guide by Raymond Speciale

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