Selling airplane

[Doug]

Looks like I sold my Husky. I will be transferring title tomorrow. Guy
has a Bank Check made out to the LLC that my airplane is held in, which
will go into my LLC's checking acct. I make out a Bill of Sale and mail
it? Is that it? Minutes of my LLC. He will fill out a registration. Do
I keep the old registration? Insureance. Forms? Etc....

Anyway, what all are the procedures and what do I have to watch out for?

[Otis Winslow]

Doug wrote:
> Looks like I sold my Husky. I will be transferring title tomorrow. Guy
> has a Bank Check made out to the LLC that my airplane is held in, which
> will go into my LLC's checking acct. I make out a Bill of Sale and mail
> it? Is that it? Minutes of my LLC. He will fill out a registration. Do
> I keep the old registration? Insureance. Forms? Etc....
>
> Anyway, what all are the procedures and what do I have to watch out for?
>

I sure wouldn't take a check. Get certified bank funds or a wire
transfer. Is he buying your LLC? or just the assets (plane). You'll need
to return the registration to the FAA at the address shown on it and
show the name of the person it was transfered to. Be sure you sign the
Bill of Sale as an officer of the Corp and not just "owner".

[Orval Fairbairn]

In article >,
Otis Winslow > wrote:

> Doug wrote:
> > Looks like I sold my Husky. I will be transferring title tomorrow. Guy
> > has a Bank Check made out to the LLC that my airplane is held in, which
> > will go into my LLC's checking acct. I make out a Bill of Sale and mail
> > it? Is that it? Minutes of my LLC. He will fill out a registration. Do
> > I keep the old registration? Insureance. Forms? Etc....
> >
> > Anyway, what all are the procedures and what do I have to watch out for?
> >
>
> I sure wouldn't take a check. Get certified bank funds or a wire
> transfer. Is he buying your LLC? or just the assets (plane). You'll need
> to return the registration to the FAA at the address shown on it and
> show the name of the person it was transfered to. Be sure you sign the
> Bill of Sale as an officer of the Corp and not just "owner".

This from AOPA:

"AIRCRAFT OWNERS BEWARE: SCAMMERS ON THE PROWL
Over the past six months, scammers from Thailand, Nigeria, and the
Netherlands have been trying to make a quick buck off aircraft owners
who have their birds for sale. Here's the scenario: You are selling your
old Cessna 172 for $50,000. A potential "buyer" contacts you through a
Web board or e-mail solicitation and offers to buy your aircraft. This
person offers to pay you $55,000, if you agree to send them a $5,000
check for the difference. You receive what looks like a legitimate
check,
so you send them the $5,000. But when you try to cash the check, you are
told there are no funds in the account. You're out $5,000. "The best way
to protect yourself when selling an aircraft is to do some investigative
work. Check out the party offering to buy the aircraft," said Woody
Cahall,
AOPA vice president of aviation services. "When you receive a check,
make
sure it is legitimate--get your money before sending a check for the
difference." If you have any questions about selling your aircraft,
contact
the AOPA Pilot Information Center ( )."



A cashier's check isn't necessarily negotiable. Scammers print them up
on computers and send them out -- it may take a couple of weeks to
determine that they are bogus.

[Dylan Smith]

On 2006-03-03, Orval Fairbairn > wrote:
> old Cessna 172 for $50,000. A potential "buyer" contacts you through a
> Web board or e-mail solicitation and offers to buy your aircraft. This
> person offers to pay you $55,000, if you agree to send them a $5,000
> ...

Offering more than the asking price is highly suspicious in itself.
*Nobody* offers more than sticker.

--
Dylan Smith, Port St Mary, Isle of Man
Flying: http://www.dylansmith.net
Oolite-Linux: an Elite tribute: http://oolite-linux.berlios.de
Frontier Elite Universe: http://www.alioth.net

[[email protected]]

On 3-Mar-2006, Orval Fairbairn > wrote:

> A cashier's check isn't necessarily negotiable. Scammers print them up
> on computers and send them out -- it may take a couple of weeks to
> determine that they are bogus.


Forged cashier's checks have apparently become a big problem for sellers of
big-ticket items. The best way to protect yourself as a seller OR buyer is
to use a reputable escrow service.

That said, not every weird request by a buyer or seller for concluding a
deal is necessarily a reason to run away. When we bought our Arrow nearly
10 years ago the seller was an elderly gentleman (82 years old, still had a
valid medical -- ya gotta love it) whose wife had recently died. He wanted
us to break the agreed purchase price into 10 cashier's checks. He told us
that his intent was to cash the checks one by one over an extended period,
thus "hiding" the sale of the plane from his wife's family, with whom he was
engaged in a probate battle. Needless to say, this raised some suspicions
on our part. But we really liked the plane, it passed a pre-buy with no
significant anomalies, and a title search came back showing the seller as
the legal owner with no liens. Still nervous, we got title insurance and
bought the plane in the manner the seller requested. Other than the
inconvenience of having to get 10 cashier's checks there were no problems
for us, and the plane has been great.

-Elliott Drucker

[Paul Tomblin]

In a previous article, Dylan Smith > said:
>On 2006-03-03, Orval Fairbairn > wrote:
>> old Cessna 172 for $50,000. A potential "buyer" contacts you through a
>> Web board or e-mail solicitation and offers to buy your aircraft. This
>> person offers to pay you $55,000, if you agree to send them a $5,000
>> ...
>
>Offering more than the asking price is highly suspicious in itself.
>*Nobody* offers more than sticker.

They're not offering you more than asking, they're giving you a check for
more than asking and asking you for the difference in cash. Usually the
excuse is that they're getting this cashier's check from a third party and
rather than them cashing that one and writing another smaller one for you,
it would be faster and more convenient if you were to cash this one and
give them the difference.

This has been a frequent problem with on-line sales like ebay - the
scammer gets a chunk of cash, as well as the item you're selling. A
friend of mine lost a laptop and $2000 that way.

--
Paul Tomblin > http://xcski.com/blogs/pt/
"American 999, Heathrow Approach. Descend and maintain 4,000 feet, QNH 1011."
"Uhhh Heathrow Approach, could you give us that in inches?"
"American 999, descend and maintain 48,000 inches, QNH 1011."