Day of purchase contract?

[Dico]

Hello all,

Is there such a thing as a "day of purchase" contract? We've done a
title/lien search and all, but it'll be a couple weeks til the sale
actually happens. In that time a purchaser could put a new lien on the
plane. What do you do to protect yourself against this? Is there some
sort of "closing" agreement that anyone can forward me to?

Thanks,

-dr

[Dico]

Sorry... vendor.


Matt Barrow wrote:
> "Dico" > wrote in message
> ups.com...
> > Hello all,
> >
> > Is there such a thing as a "day of purchase" contract? We've done a
> > title/lien search and all, but it'll be a couple weeks til the sale
> > actually happens. In that time a purchaser could put a new lien on the
> > plane.
>
> How could a purchaser put a lien on the aircraft?

[Doug]

Yes, that is always a concern. The only way to address it is through
escrow. Seller does not get his money, (it is held in escrow), until
some time after the transaction. During this time, a title search is
done. Needless to say, sellers aren't too thrilled by this idea. And
you would need a signed contract from the seller saying he is
delivering the plane with a clear title.