Buying a Plane?

[s10sakota]

I found an airplane, put a deposit on it, and after the annual I will give the seller the rest of the money and fly it home!

So having bought it, I paid for the title search service from AOPA. But now I'm not sure how to use the information since I have no experience buying a plane.

The current owner is listed as an LLC business. So how do I know that when I pay for it, I'm giving the money to the right person? Do airplanes have titles just like cars where we both sign it and I take the title with me?

Can anyone please explain the buying process? Thank you!

[tspear]

If not to late, use AIC Title via AOPA for the whole transaction.
They can deal with the escrow, title changes, register the bill of sale. All of it, and the fees are rather minimal.

Tim

[martymayes]

I found an airplane, put a deposit on it, and after the annual I will give the seller the rest of the money and fly it home!

So having bought it, I paid for the title search service from AOPA. But now I'm not sure how to use the information since I have no experience buying a plane.

The current owner is listed as an LLC business. So how do I know that when I pay for it, I'm giving the money to the right person? Do airplanes have titles just like cars where we both sign it and I take the title with me?

Can anyone please explain the buying process? Thank you!

The Aircraft Bill of Sale executed on AC Form 8050-2 is your evidence that the aircraft belongs to you. (Make sure you have some of these forms, call the East MI FSDO and have them mail some to you tomorrow).

Ownership is transferred when you complete the form and the seller block of Form 8050-2 has the seller's name (LLC) and a name, signature and title of the person authorized to sign for the LLC. The FAA will record the ownership transfer provided the form is correctly filled out, however, I'd get a letter of something from the LLC stating this person is in fact authorized to sign for the LLC for my personal records. That will help prove you are the legal owner if any disputes arise later (not FAA disputes, legal disputes). Even though I'm sure the LLC is just a "paper" corp. to shield liability, get something in writing for your records.

If you are going to register the plane in an LLC name, you'll have to provide additional documentation to prove that the LLC meets FAA requirements for ownership -- that info is on the FAA website. If you are just registering the plane in your own name, you don't need that.

You will also need a Aircraft Registration Application, AC Form 8050-1 (have the East MI FSDO send some along with the 8050-2). Complete the registration, keep the pink copy in the plane as that will be your temporary registration. Then mail 8050-1 and 8050-2 to the FAA in Ok City along with $5 and the transaction is complete.

In a few weeks you'll get a permanent registration for the airplane. Place it on board with the airworthiness and other docs and you're good to go, Mr. Airplane Owner.

Oh, in a few weeks the State of MI will send you a few nasty letters saying you're are in violation of state statues by buying a plane and not paying taxes and fees on the purchase. Once you get all that settled they will mail you a MI sticker to place on the airplane. :-(




BTW, I went to your sticker website and I'll be ordering some stickers. Maybe you can make enough to buy your first gallon of gas....or maybe first quart of gas.

[s10sakota]

Thanks for the detailed post! The 8050-2 I was able to download from the net. The 8050-1 has to be an original form. I only live 10 minutes from the FSDO in Ann Arbor so I'm going to head over there now and pick up what I need. Thanks again-looking forward to the 10 hour flight to bring it home!

Here's a few pics...

http://i108.photobucket.com/albums/n7/marky613/kb-PA28-N5255W-87_zps011ad5f3.jpg (http://s108.photobucket.com/user/marky613/media/kb-PA28-N5255W-87_zps011ad5f3.jpg.html)

http://i108.photobucket.com/albums/n7/marky613/-9016728114760838713_zpsc0c39920.jpg (http://s108.photobucket.com/user/marky613/media/-9016728114760838713_zpsc0c39920.jpg.html)

The leather sidewalls are a little dirtier than they look in the pic, but they should clean up nicely. Can't wait to fly again!

[ssmdive]

Nice looking plane.... How about a radio stack pic?

[s10sakota]

This is the only pic I have of the panel. I should have taken a better picture of the panel when I was down in TX, but didn't think of it. It has two older radios that work fine and a panel mounted Garmin 296. The plane isn't current for IFR, but it has a LOC/GS so at least I can shoot some VFR instrument approaches for fun.

http://i108.photobucket.com/albums/n7/marky613/-9016728114760838715_zps830f8c95.jpg (http://s108.photobucket.com/user/marky613/media/-9016728114760838715_zps830f8c95.jpg.html)

[mnewb1]

She's a beaut! just bought one myself...We'll have to have a Michigan Cherokee get together.

[s10sakota]

Let's do it! Maybe a camping trip to Frankenmuth? I'm flying to TX on the 23rd and then starting the 2-day trip home on the 24th. I can't tell from the avatar, is yours a 180?

[mnewb1]

Yes a 1967 180D
I'm still in annual maybe a $100 Hamburger later in the month or in July
3918

[Floatsflyer]

Yes a 1967 180D
I'm still in annual maybe a $100 Hamburger later in the month or in July
3918

That $100 hamburger, with inflation and the greatly increased cost of flying, is now $250-300. That's a nice original Lazair with the sling seat hanging from your hangar rafters. Did you fly it once upon a time?

[mnewb1]

No it actually belongs to the gentleman I bought the plane from...I took the picture the day we signed a pre-purchase agreement.