![]() |
If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. |
|
|
Thread Tools | Display Modes |
#1
|
|||
|
|||
![]() Here's a hypothetical for you. You are buying an aircraft from a person who is in financial trouble and creditors are lined up to collect. That means liens will probably be filed in Ok City. So you do a title search. On your own. And you find some liens and get them all paid, then file your bill of sale by mailing it to the FAA in Ok City. Could you have faxed it? In the meantime, more liens have come in, some by mail and some by fax. Some creditors have also sent liens by mail on the same day you mail your bill of sale, and because one or more creditors were closer to Ok City, their parcels got there first. Should you have used a title company like AOPA and paid them $200, since their agents have immediate access to the public documents in Ok City? The upshot of your purchase is that you took the aircraft subject to $25,000 in liens, making your investment a very poor one. You now have an aircraft worth $40,000 but you owe $25,000 more than the $35,000 you paid for it. You will have paid $60,000 for a $40,000 aircraft because of those shocking surprise liens. Poor you. You have no recourse against the seller because he is insolvent and judgment-proof. |
Thread Tools | |
Display Modes | |
|
|
![]() |
||||
Thread | Thread Starter | Forum | Replies | Last Post |
Aircraft Designation Book | David R Townend | Home Built | 0 | October 16th 03 02:25 AM |
Laser-powered Aircraft | Big John | Home Built | 10 | October 13th 03 05:30 PM |
Homebuilt Aircraft Frequently Asked Questions (FAQ) | Ron Wanttaja | Home Built | 0 | October 2nd 03 03:07 AM |
Homebuilt Aircraft Frequently Asked Questions (FAQ) | Ron Wanttaja | Home Built | 4 | August 7th 03 05:12 AM |
Homebuilt Aircraft Frequently-Asked Questions (FAQ) | Ron Wanttaja | Home Built | 0 | July 4th 03 04:50 PM |