The aircraft sales agreement is made between the seller of the aircraft and the buyer of the same. The agreement contains the details of the seller, who is the owner of the legal title of the aircraft, the purchaser and also the details of the aircraft. The seller warrants that the ownership will be transferred to the purchaser upon completing the payment of the purchase price and also assures that the purchaser shall be free and clear of any claims, charges or impediments. The sale of an aircraft carries with it enough potential risks and thus the use of an attorney is a good idea.
The purchaser agrees to pay a deposit to the seller once the agreement is signed and once the purchaser pays the deposit, he has the rights to inspect the airplane before he buys it. And in case of any discrepancies detected during the inspection, the purchaser can decline the purchase or let the seller be notified about the flaws. The seller then can take the initiative to either get the flaws repaired within a few business days or shall refund the purchaser’s deposit.
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