Purchase and Sale Agreement

[Dico]

Hello,

Does anyone here have a sample purchase and sale agreement. We're in
the buying process and would like a standard form we can use so both
parties feel good.

Any links would be greatly appreciated.

Thanks,

-dr

[Montblack]

("Dico" wrote)
> Does anyone here have a sample purchase and sale agreement. We're in the
> buying process and would like a standard form we can use so both parties
> feel good.
>
> Any links would be greatly appreciated.


http://www.aopa.org/
Is there something on AOPA's site for just this situation?


Montblack

[Denny]

Montblack, when I sell an airplane (or anything else), the buyer is
allowed to perform a pre-buy inspection, fly it, have his friends look
at it, etc...
After the handshake, we meet at my bank and the sales contract is my
banker telling me that his bank has just electronically transferred the
funds to my account...I then sign the the FAA
form/title/quit-claim-deed/etc., transferring ownership to him... The
plane/whatever is sold "as is, where is"... No contract is needed (or
even accepted)... It's now his for better or worse...
If it is a certified check or cashiers check instead of a money
transfer, same deal... Meet at the bank... My banker gets a fax
verification that the check is guaranteed by the issuing bank, and it
is now his plane... (I don't take personal checks because the buyer can
halt payment five minutes after he takes the plane/car/house - ask me
how I know) Once the money changes hands there are no guarantees, no
negotiations, no coming back a month later whining about this or
that...


denny

[Steve Foley]

The problem I see with not having an agreement is when the buyer shows up
with his certified funds after having paid for a pre-buy inspection, and
finds out you just sold the plane to someone else.

Ask me how I know.

"Denny" > wrote in message
oups.com...
> Montblack, when I sell an airplane (or anything else), the buyer is
> allowed to perform a pre-buy inspection, fly it, have his friends look
> at it, etc...

[soxinbox]

If you are an AOPA member, than pay for the legal services service ( about
$30 ) and have one of the lawyers on there list do the work. This is what I
did, and it was a great bargain at $30. Well worth the piece of mind.

"Dico" > wrote in message
ups.com...
> Hello,
>
> Does anyone here have a sample purchase and sale agreement. We're in
> the buying process and would like a standard form we can use so both
> parties feel good.
>
> Any links would be greatly appreciated.
>
> Thanks,
>
> -dr
>

[Robert M. Gary]

> The problem I see with not having an agreement is when the buyer shows up
> with his certified funds after having paid for a pre-buy inspection, and
> finds out you just sold the plane to someone else.

That's true, especially if you allow the owner to see the pre-buy such
that he can show it to other buyers. I've bought a couple airplanes but
never had a good idea of when the best time to finalize price is. There
are two very good arguments. One says you want to agree on a general
price before the pre-buy to ensure you are in the same ballpark before
you spend money on a pre-buy (a factory service pre-buy in a Mooney is
almost $3000). The other school of thought is that its better to wait
until after the pre-buy so you can fully negotiate with the knowledge
of the pre-buy without sounding like you are nickle and diming the
owner down on the purchase price because of pre-buy items that are not
airworthiness issuse, but things that you don't care for (often more
cosmetic in nature).

-Robert

[[email protected]]

Robert M. Gary > wrote:
> > The problem I see with not having an agreement is when the buyer shows up
> > with his certified funds after having paid for a pre-buy inspection, and
> > finds out you just sold the plane to someone else.

> That's true, especially if you allow the owner to see the pre-buy such
> that he can show it to other buyers. I've bought a couple airplanes but
> never had a good idea of when the best time to finalize price is. There
> are two very good arguments. One says you want to agree on a general
> price before the pre-buy to ensure you are in the same ballpark before
> you spend money on a pre-buy (a factory service pre-buy in a Mooney is
> almost $3000). The other school of thought is that its better to wait
> until after the pre-buy so you can fully negotiate with the knowledge
> of the pre-buy without sounding like you are nickle and diming the
> owner down on the purchase price because of pre-buy items that are not
> airworthiness issuse, but things that you don't care for (often more
> cosmetic in nature).

> -Robert

Or you come up with a price up front and stipulate in the agreement
that any airworthness issues are either payed for by the seller or
reduce the purchase price if they exceed some negotiated dollar value
that differentiates things like a bad plug from a cracked engine case.

--
Jim Pennino

Remove .spam.sux to reply.

[Robert M. Gary]

> Or you come up with a price up front and stipulate in the agreement
> that any airworthness issues are either payed for by the seller or
> reduce the purchase price if they exceed some negotiated dollar value
> that differentiates things like a bad plug from a cracked engine case.

As I mentioned, that is the problem. There are things that I may not
like about the airplane (maybe I didn't realize the Garmin 430 was VFR
only, etc) that after the pre-buy I may want to adjust the price on
that have nothing to do with airworthiness. That would support the
arguement that you should wait until after the pre-buy to negotiate
price.

-robert