Found a buyer now what

Discussion in 'Flight Following' started by cgrab, Aug 15, 2020.

  1. cgrab

    cgrab Pattern Altitude

    May 2, 2014
    Huntsville AL
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    We're moving to be near the grand children. The new house is about an hour from the nearest airport and they don't have hangar space. I figure less flying and being outside was airplane abuse so I sold it. One of the reasons I bought was the difficulty in renting while I was working. I could only fly on weekends like everyone else. Now that I'm retired, I'll be able to rent during the week. I think it will all work out for the best.

    But then again...that ITEC Maverick looks like it would solve so many of my problems.
  2. apr911

    apr911 Pre-takeoff checklist

    Feb 22, 2015
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    This thread is an exercise in risk management, which I guess is why I'm surprised at the direction this thread went and the hardline stances expressed herein given that flying is a hobby/career that is less about your skill doing the activity itself and more about your ability to be flexible in managing the risks of a dynamically changing flight environment but I guess you dont know what you dont know and some of the risks outlined could certainly surprise the unwary buyer/seller.

    Most of the issues addressed however can easily be handled with a solid liability contract that defines who is responsible for what and any limitations. Make it a 3-way contract with the inspecting mechanic and their business as a contracted party and couple it all together with an escrow account containing at least a full annual inspection's cost plus travel expenses and you've effectively mitigated a majority of the risk presented with any of the scenarios listed. I admit that it doesn't eliminate the risk of every conceivable scenario but then nothing, not even an "as-is" contract, ever will.

    You can also add a conditional agreement of sale that provides an additional sum in earnest money to be deposited into the escrow account and under what scenarios the buyer can back out and either receive a refund or forfeit all or part of their earnest money and you not only cover your risk exposure but may even get paid even if the sale falls through.

    I would stress that even as the seller, I would be contracting with the buyer's mechanic more or less directly for the pre-buy inspection regardless of where its done. The only people who should be allowed anywhere near your plane with a wrench are those you have specifically contracted with yourself.
    Last edited: Sep 3, 2020