Resource for buying an airplane

[coloradobluesky]

I need:
1. 337 and lien report
and if passes
2. Compression check
and if passes
3. Escrow service and closing
on a 100K airplane in Maryland.

Any suggestions?

 

[coloradobluesky]

I need:
1. 337 and lien report
and if passes
2. Compression check
and if passes
3. Escrow service and closing
on a 100K airplane in Maryland.

Any suggestions?

or should it be:
1. Compression check
2. 337 and lien report
3. Closing

?

 

[bnt83]

Pretty much every owners group/club has a list of "gotchyas" for each make and model and it would be foolish to buy a plane without being aware and inspecting for them.

For instance:

You want a Cessna 210 1983 fresh paint good interior and weak radios. You budget for the radios, passses the lien and compression check and you buy it. First thing you notice is soft brakes. No big deal, a few orings and about 15 hours of labor per side to fix. Next the avionics work. They need to mount new antennas so they pull the headliner and find the cabin structure all covered with corrosion because some friends moved in (mice).


The horror stories are endless. Buyer beware. A prebuy inspection just might be the best money you ever spent even if you don't actually buy the airplane it was spent on.

 

[AggieMike88]

Aerospace Reports out of OKC is one of the best in the industry to handle the paperwork and escrow chores.

 

[poadeleted20]

You might want a bit more than a compression check before you buy that plane. Where is it in Maryland, and what is it?

 

[coloradobluesky]

You guys are right, I want a more of a prebuy and Ill be having that. The corrosion warning was pretty good. That will be checked. Can't be more specific on the plane. It is an easy one to pre buy. Most everything in the empennage is visible. Owner says he can pick me up at Philadelphia in it. Now that would be cool. Don't think I've ever been to a General Aviation terminal at a big airport like Philadelphia. And the title company mentioned is the best there is from what several sources say.

Anyone know how to get from the terminal to the General Aviation at KPHL?

The current guy has a loan on the plane. Anyone know how to avoid the several day title company/closing delay and have a guarantee of the lien being released? See, I have to fly out there and pre buy it. Then send the money to the title company and the title company dispurses. Meanwhile, what do I do in Philly? Wait at a hotel and that is expensive and I don't like it.

 

[murphey]

You guys are right, I want a more of a prebuy and Ill be having that. The corrosion warning was pretty good. That will be checked. Can't be more specific on the plane. It is an easy one to pre buy. Most everything in the empennage is visible. Owner says he can pick me up at Philadelphia in it. Now that would be cool. Don't think I've ever been to a General Aviation terminal at a big airport like Philadelphia. And the title company mentioned is the best there is from what several sources say.

Anyone know how to get from the terminal to the General Aviation at KPHL?

The current guy has a loan on the plane. Anyone know how to avoid the several day title company/closing delay and have a guarantee of the lien being released? See, I have to fly out there and pre buy it. Then send the money to the title company and the title company dispurses. Meanwhile, what do I do in Philly? Wait at a hotel and that is expensive and I don't like it.

Let's see, you're about to spend $100K on an airplane and worry about a couple days at a hotel?

 

[jonnyjetprop]

I'm sure if you called Atlantic Aviation, they'd give you a ride.

You guys are right, I want a more of a prebuy and Ill be having that. The corrosion warning was pretty good. That will be checked. Can't be more specific on the plane. It is an easy one to pre buy. Most everything in the empennage is visible. Owner says he can pick me up at Philadelphia in it. Now that would be cool. Don't think I've ever been to a General Aviation terminal at a big airport like Philadelphia. And the title company mentioned is the best there is from what several sources say.

Anyone know how to get from the terminal to the General Aviation at KPHL?

The current guy has a loan on the plane. Anyone know how to avoid the several day title company/closing delay and have a guarantee of the lien being released? See, I have to fly out there and pre buy it. Then send the money to the title company and the title company dispurses. Meanwhile, what do I do in Philly? Wait at a hotel and that is expensive and I don't like it.

 

[Jthamilton]

AIC Title services out of OKC, I've used them twice and was very pleased and they handled everything, very reasonably priced also.

Your funds will be held in escrow until the title service makes arrangement to the sellers loan holder. AIC handles all that, they made arrangements with sellers bank and my bank. They can provide purchase contract also which is in word format so you can change what you need to. They handle all the lien releases and paperwork required. After I viewed aircraft I called and said it was a go is all it took. They wired money immediately to the sellers bank and it was done. They notified the seller that he had funds. The emailed me every time a require document was on file, they send you a temp registration also that will need to accompany you as you fly away.

I can't say enough how much Sheila at AIC helped with the transaction.

 

[GeorgeC]

Don't forget to order the CD from the FAA. Paper makes airplanes fly, especially green paper.

 

[Arrow115]

Aerospace Reports for title and escrow services. I used them and they were what saved the deal with a difficult seller.

 

[N747JB]

Aerospace Reports for title and escrow services. I used them and they were what saved the deal with a difficult seller.

I used them on the last purchase, good folks, so are the people at AIC.
You place the money in escrow before you go to PHL if it's cash, if you are financing it, sign all the docs at the bank and give them wiring instructions for the title company and have them "activate" the loan and send the money to the title company. The title/escrow companies can usually disperse money the same day it's wired into their accounts.

 

[John221us]

You guys are right, I want a more of a prebuy and Ill be having that. The corrosion warning was pretty good. That will be checked. Can't be more specific on the plane. It is an easy one to pre buy. Most everything in the empennage is visible. Owner says he can pick me up at Philadelphia in it. Now that would be cool. Don't think I've ever been to a General Aviation terminal at a big airport like Philadelphia. And the title company mentioned is the best there is from what several sources say.

Anyone know how to get from the terminal to the General Aviation at KPHL?

The current guy has a loan on the plane. Anyone know how to avoid the several day title company/closing delay and have a guarantee of the lien being released? See, I have to fly out there and pre buy it. Then send the money to the title company and the title company dispurses. Meanwhile, what do I do in Philly? Wait at a hotel and that is expensive and I don't like it.

I have killed time in Philly before. Head on down to the historic district and check out the Liberty Bell and Independence Hall. Eat a Cheesesteak. Take the train to NY City.