Sales Agreement Aircraft

Pursuant to this Special Aircraft Purchase Agreement (the “Agreement”) terminated on

(collectively, “Buyer”), dated
, 20
, all collectively referred to as “Aircraft”. 1.2 (a) With respect to Buyer, this Agreement and Buyer`s agreement to create a
particular Purpose:
_ (g) Seller agrees to indemnify and hold Buyer harmless from any claim by a broker or other party that asserts an interest in the aircraft or purchase price arising out of any relationship or agreement real or presumed with the Seller. This document not only indicates and directs the sale of an aircraft, but it is also one of the documents required to register your aircraft under the Federal Aviation Act. It`s important to document everything as much as possible to avoid problems with local, state, and federal laws. As required by the FAA, the buyer must provide proof of purchase, ownership, and registration. Proof of purchase can be obtained using the aircraft`s Deed of Sale form. You can prove your ownership by presenting the previous owner`s current registration form as well as all previous sales transactions to show the chain of ownership. Registration can be confirmed by filing a Form AC 8050-1 with the appropriate funds with the FAA. At the same time, the Buyer must issue an aircraft delivery receipt in the form attached here as Appendix C and deliver it to the Seller (by fax and mail). The risk of loss, accident, liability or damage related to the Aircraft will pass to the Seller upon delivery of the Aircraft Delivery Note by the Buyer (this time is the “Closing Time” and the closing time date is the “Closing Date”). After the conclusion of the purchase contract, the buyer has a certain period of days to carry out an inspection of the aircraft.

An experienced mechanic can usually get the job done in a matter of hours, depending on the size of the aircraft. This may take longer for large business or private jets. (b) The performance, delivery and performance of this Agreement by Seller has been duly authorized by all necessary measures on seller`s behalf and does not conflict with any of the terms or result in a breach of any of the terms or constitute a delay under any document, instrument or agreement to which Seller is a party. Seller hereby wishes to exchange all right, title and interest of Seller in and to the Aircraft for other aircraft of a similar nature and acceptable use in accordance with Section 1031 of the Internal Revenue Code. In addition, Seller expressly reserves the right to exercise its rights, but not its obligations under this Agreement, to Exeter 1031 Exchange Services, LLC, a qualified intermediary, in accordance with the IRC Regulations. 1.103l(k)-l(g)(4) no later than the closing date. Any sales, use or other taxes, as well as interest or penalties for such taxes (unless such interest or penalties result from an act or omission by or on behalf of seller not otherwise authorized or ordered by Buyer) arising out of the sale of the Aircraft to Buyer, other than income, capital gains or similar taxes imposed on Seller shall be borne by Buyer. In the event that Seller receives notice of sale, use or tax, audit, claim, valuation or proposed liability for which Buyer may be held liable in accordance with this Section, Seller will promptly notify Buyer of any potential tax liability.

Buyer has the right to control, administer or defend audits, claims, evaluations, proposed liabilities or disputes related to the purposes of sale or similar taxes for which Buyer is responsible under this section. Now the buyer must register his aircraft with the Federal Office of Aviation. This can be done by completing a Form AC 8050-1, which is available from the FAA. Buyer must also send the seller`s original registration certificate (with the sales information completed on the back), a current purchase agreement form, all previous offers to sell, and a $5.00 registration fee to the FAA Registry in Oklahoma City. Buyer and Seller agree that the terms of this Agreement, including all exhibits, constitute the entire agreement between the parties. .

About Jenny Smith

has written 10 post in this blog.

This entry was posted in Uncategorized. Bookmark the permalink.
Jenny Smith