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Is an Aircraft Bill of Sale Necessary?
Yes, it is required by law to execute this agreement. It is a formality that can function as proof of sale and be held on record for future reference. It must be prepared in duplicate, meaning that two copies of the form must be filled out and signed, ensuring that the purchaser’s name will be the same as the applicant’s on the registration. The original copies will go to the buyer, who must present one during registration and retain the other for their records (the seller may make a photocopy).
How to Sell an Aircraft
Selling an aircraft can seem intimidating, but as long as you comply with the following guidelines, you should experience a smooth transaction. Below, we will explain the general process of the exchange and list the necessary paperwork required to transfer ownership to avoid any legal issues.
Step 1 – Determining the Value
Before listing your aircraft for sale, it is wise to get a general idea of its worth. The AOPA (Aircraft Owners and Pilots Association) provides a useful tool called the Vref, an abbreviation for “Valuation Reference”. The service estimates the aircraft’s worth based on the many variables associated with the property. That being said, it is not the be-all and end-all. It is still recommended that the aircraft be appraised by a professional. Many factors go into the pricing of an aircraft, such as the demand for a particular model, its history, damage, repairs, etc. If you consider all these considerations, you should be on your way to determining the true value of your aircraft.
Step 2 – Listing/Advertising Your Aircraft
Now that you have a selling price, it’s time to list your aircraft for sale. You may want to start by posting an ad on a website specializing in aircraft sales. This ad should include a detailed description, photos, and listing price. There are several websites where you can post your aircraft for sale to reach the most potential buyers. These would include sites such as:
Step 3 – Negotiating with the Buyer
Once you are contacted by a potential buyer, you must discuss and agree upon the terms and conditions of how the sale will transpire. You will need to determine the price at which the aircraft will be sold, the method of payment (it is recommended to meet at a bank to carry out the transfer), if the buyer would like a pre-purchase inspection, etc. After agreeing, you may execute the bill of sale upon the exchange of funds for the property.
(The AOPA is partnered with Aero-Space Reports, which provides an option called Aircraft Title and Escrow Services. This service helps handle the exchange of funds during the transfer of ownership of an aircraft.)
How to Register an Aircraft
To legally fly an aircraft, you must register it with the FAA. To do so, you must be a citizen or have authorization from the federal government to register. Send the following items to the Aircraft Registration Branch:
- Proof of Ownership (the Aircraft Bill of Sale – Form 8050-2)
- A completed Aircraft Registration Application (Form 8050-1)
- Be prepared to pay a $5.00 fee for registration to the FAA.
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