Selling My experimental

Discussion in 'Hangar Talk' started by dalealan, Nov 30, 2018.

  1. dalealan

    dalealan Pre-Flight

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    Have a guy that wants my experimental airplane. I plan to deliver it to him so he can familiarize himself with the plane before he flies it by himself.
    After delivery I plan to go with him to his bank and together with a bank officer wire my bank for the amount of the sale. Is this a safe way to do this? Can he stop the wire? Seems to be safer than a certified check for the amount, which I believe can be stopped.
    Any ideas here?
     
  2. paflyer

    paflyer Final Approach

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    Use an escrow service.
     
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  3. WannFly

    WannFly Final Approach

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    That.
     
  4. Let'sgoflying!

    Let'sgoflying! Touchdown! Greaser! PoA Supporter

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  5. Heftiger

    Heftiger Pre-takeoff checklist

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    I’ve used them. Very professional.
    Escrow is the way to go. Otherwise you’re never 100% protected.
     
  6. weilke

    weilke Touchdown! Greaser!

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    There is always cash. If no loans or liens are involved, the escrow company provides very little added protection beyond what an exchange of cash and joint signing of the triplicate provides. You know the guy, so there is not much of a chance of him sticking you up after you walk out of the bank.

    Today I did a wire. Two hours later lady from the bank calls me that it didn't go through due to a technical glitch. So just because someone did the wire paperwork in your presence doesn't mean the money is in your account.
     
  7. Tom-D

    Tom-D Taxi to Parking

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    How much do you trust your buyer?

    Most banks will act as escrow agents. check.
     
  8. FORANE

    FORANE En-Route

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    A bank cashiers check must be honored if it is presented to them within 90 days of its issuance. The bank cannot put a stop payment on it. There are however fraudulent cashiers checks made with real banks names printed on them that do not come from the bank; those are printed by thieves and would not be honored.

    Go to the buyers bank with him and watch the teller hand him the cashiers check. If you try the cash transaction option mentioned and the amount is greater than 10k, then there are mandatory reporting requirements to the gov which were instituted to try and track money from illicit activity..
    https://en.wikipedia.org/wiki/Currency_transaction_report
     
  9. MooneyDriver78

    MooneyDriver78 En-Route

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    If you use the same bank, then can you transfer the money directly from 1 account to another?
     
  10. tawood

    tawood Pattern Altitude

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    As someone who investigates fraud every day...the way you plan is fine. So is cash. So is a check written right there at the bank. Now I know some would think the buyer could cancel that check, and you'd be right. Of course, I also know the buyer would be committing a felony, so...
     
  11. tinerj

    tinerj Cleared for Takeoff

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    Escrow service. I used the mechanic and owner of the flight service that we both trusted.
     
  12. Stewartb

    Stewartb Final Approach

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    Cashier's check works. I took a personal check for my last plane. It was for $100K but I knew the buyer. Avoid cash. Large cash withdrawals and deposits require reporting to the government. It's a hassle for everyone.
     
  13. Kenny Phillips

    Kenny Phillips En-Route

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    The reporting requirement is trivial. I used to buy a certain commodity [unicorn horn] in the USA and ship it overseas, depending on dollar/foreign currency relationship. I got between $10K and $40K cash from my bank every single day (at a different time every day, by their request). Had to do similar when we bought our house, due to a potential screw up I had to have a large amount of cash on hand. Wasn't needed. Essentially had to do the paperwork twice. I resent having to do it, but it isn't a big deal in terms of paperwork.
     
  14. tspear

    tspear En-Route

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    The key phrase is certified funds.
    This is cash, recent cashiers check, wire, bearer bonds and a few other more esoteric items.
    Cash can be a headache to handle.
    Cashiers check, you want during bank hours to do a merchant verification to prevent a fraudulent copy
    Wire, depends on the bank how long it takes. Some are a matter of minutes, others it could be hours, and the also have cut off times.
    Bearer bonds usually have expensive fees.

    At the end of the day. Escrow with an aviation transfer company that can register the sale with the FAA is the safest and easiest.

    Tim

    Sent from my SM-J737T using Tapatalk
     
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  15. frfly172

    frfly172 Touchdown! Greaser!

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    For peace of mind ,go with an escrow service.