Aircraft Purchase and Sale
The FAA has specific forms for many limited circumstances. For example, FAA form AC8050-1 is the "Aircraft Registration" form utilized by a new aircraft owner to have the FAA register the aircraft in their name, while FAA form AC8050-2 is the form utilized to inform the FAA that an aircraft has been sold, "Bill of Sale." It is easy even for seasoned pilots, and those who have completed multiple transactions, to make mistakes in completing the transactional paperwork associated with buying and/or selling an aircraft. Keller Legal is here to aid in your aviation transaction, whether you are building your first kit plane, buying a general aviation airplane (such as a Cessna or Piper), or transferring ownership as part of a gift exchange. Don't let the paperwork, delay your pursuit of flying your new aircraft!
Aircraft Financing- FAA, UCC, OH MY!
If you have secured private financing for your airplane purchase, yet need assistance with the financial paperwork, Keller legal is here to help. Financing agreements are broken into two parts: a promissory note (stating that one party agrees to pay another) and a security agreement (indicating what can be taken if the funds are not repaid). There are several unique situations when the security for the transaction is an aircraft. For example filing an FAA form AC8050-98 "Security Agreement" will need to be filed on the airframe and each qualifying engine. Once the FAA federal security agreement is completed you may need to record a Florida Uniform Commercial Code security agreement and pay the required documentary stamps to perfect the lien in Florida. Keller Legal is experienced in navigating the specifics of airplane financing, and happy to help you join the wonderful world of airplane ownership.
