Secondly, you should determine, beforehand, when you buy somebody's project, that the FAA will allow it to be certificated as an Amateur-Built aircraft. For one thing, in order to help establish ownership of a homebuilt, the FAA will ask that you produce the receipts for all kits that were purchased during the building of that aircraft. You should be aware of certain requirements that the FAA has for "Kit-built" aircraft. There is more you should know about purchasing a partially completed aircraft project. If no Aircraft Log Book had been started, a written receipt briefly describing the acquisition, dated and signed in ink, should suffice. There is no reason why the sale of a partially completed project cannot be accomplished with a dated and signed Aircraft Log Book entry. He could, in frustration, throw up his hands and walk away. Of course, a buyer must beware! But he should not become so paranoid about the transaction that he feels compelled to demand unnecessary or unreasonable documentation, notarized receipts, statements and the like, to the degree that the seller is overwhelmed. And more often than not, even when a receipt is scribbled out, neither party would ever think of listing the serial number(s) or describing the property.Īnd then, there is stolen property. Sometimes there is not even a receipt or Bill of Sale exchanged. Most homebuilders handle the sale of a project, engine, propellers, radios and the like pretty casually. The closest equivalent is a Bi ll of Sale and Aircraft Registration. Unlike autos, there is no title per se issued for an aircraft. Be sure that whoever is handling it has the legal right to effect the transfer in ownership. Sometimes a flyable homebuilt, or a partially completed project, is put up for sale to settle an estate. Does the seller of the aircraft (or a partially completed homebuilt project) have the right to sell it? In other words, is that individual the legal owner? The sole owner? If the right to sell is encumbered by a co-owner or others, they must also be included in the transaction. It is so obvious that you would think it unnecessary to ask. Needless to say, it is the buyer who assumes the greatest responsibility in assuring that the transaction is properly completed and documented. The mechanics of, or rather the procedure for, selling or buying a homebuilt is relatively simple but it does involve specific forms, actions and understandings important to both the seller and buyer alike. HOW DO YOU transfer the ownership of homebuilt aircraft? A partially completed project? Does the FAA need to be notified? If so, how? What else should be done and who does it?
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