Aircraft registration change - advice

Discussion in 'Flight Following' started by Kevin Conklin, Feb 18, 2021.

  1. Kevin Conklin

    Kevin Conklin Filing Flight Plan

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    Current registration is a co-ownership of 2 owners (I am one of the current owners). I am buying out the other owner. Question is how to complete the forms.

    The 8050-1 is the registration application. Seems simple enough - just me as the owner/application.
    The 8050-2 is the bill of sale form. Purchaser is me I assume - but the seller - just my current co-owner... or both of us?

    Then on the 8050-2 bill of sale - there is this section that I'm also not sure how to complete:
    "And to ________ executors, administrators, and assigns to have and to hold singularly the said aircraft forever and warrants the title thereof:

    In testimony whereof ________ have set ________ hand and seal this ________ day of _______"
     
  2. Bell206

    Bell206 En-Route

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  3. Tools

    Tools Pre-takeoff checklist

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    My experience, a case where ownership passed from husband and wife, to just husband, you will sign BOTH... as a seller (one of two) and a buyer.
     
  4. Tools

    Tools Pre-takeoff checklist

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    Have also seen a case where a plane went from a one man company, to that one man. Again, he was listed twice basically. He signed it over (as owner of company) to himself personally with a bill of sale.
     
  5. Kevin Conklin

    Kevin Conklin Filing Flight Plan

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    I read that. It still is not clear to me how to handle a co-owner selling to the other co-owner. I'll be calling them.
     
  6. Tools

    Tools Pre-takeoff checklist

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    Really, I believe it could be done via a different legal instrument, FAA doesn’t really care. They just want a legal paper trail for EVERY little aspect of it. Just like a airplane part.

    If you were to provide a piece of legal paperwork saying the partner has legal juris prudence to sell it in the partnership, then you might not have to sign the bill of sale. Just as a method of explaining (how I believe) this all works.
     
  7. Kevin Conklin

    Kevin Conklin Filing Flight Plan

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    I just spoke with someone from the FAA registration branch. They told me to use for 8050-2 (bill of sale), put only the current co-owner that I am buying out as the seller, and me as the purchaser. Then also complete 8050-1 with me as the applicant. And of course, include $5.
     
  8. k9medic

    k9medic Pre-takeoff checklist

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    Be careful as the state that you live in might think it is a sale and come looking for sales tax. Happened to me.
     
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  9. midlifeflyer

    midlifeflyer Touchdown! Greaser!

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    Huh? What the heck does that mean? Is that juris Mary's cousin?