The buying steps

Let'sgoflying!

Let'sgoflying!

Touchdown! Greaser!
Joined
Feb 23, 2005
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Location
west Texas
Display Name
Dave Taylor
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KMRF
I need a reminder about this as I don't do this much and the few times I did it, the airplane was pretty close by.
The process; what is usual and accepted.

(please not; how you insist it be done; or 'one time' you did it 'this way'; and any inflammatory comments; I just need how the average dude completes a sale, tyvm)

So, you see one on TAP and its half a country away. You have pics, specs, maybe scans of logs, you can search the FAA registry, accident db, flightaware, google the Nnumber; what have you - and you like what you see, you have the funds available and insurance/training is a no brainer.

1. Informal looksee by buyer, (with a million Q's)
2. Make offer
3. Contract* to buy if agree on 2.
4. $$ goes to escrow
5. Prebuy & Title check
If all passes,
6. Escrow releases funds/you accept the keys

Does 2 or 3 typically never come before 1?
Keep in mind, its >1000mi away. Hate to waste either's time if 1 doesn't pass standard.

(*feed me details on the contract; I am wondering if there normally is a bail out clause for buyer if prebuy finds too much stuff for buyer to stomach; or a bail-out for the seller if seller doesn't agree with the prebuy findings. And esp if 2. & 3. precede 1 a bailout.)
 
Look, like, have inspected, fill out FAA bill of sale and registration application, hand the seller a check.
 
So that is the way you think most long distance purchases go, Stewart?
More or less, 1. 5. 6. ?
1 looksee
5 prebuy
6 exchange goods for money?

The a/c I am looking at, no seller will submit to a prebuy unless they have some kind of commitment.
 
I did pretty much exactly as you listed except the sellers broker forgot to get #4 and I was never going to bring it up again until after the pre-purchase. :) I arranged my mechanic to meet me at the airport the plane was at and conducted the pre-purchase which went well obviously. Then #6 came at the sellers hanger. I verified the plane was still in the same condition that I last saw it, verified I had the complete logbooks and then called to release the funds. Once the seller got a call saying he had the funds I flew away.
 
Let'sgoflying! said:
(*feed me details on the contract; I am wondering if there normally is a bail out clause for buyer if prebuy finds too much stuff for buyer to stomach; or a bail-out for the seller if seller doesn't agree with the prebuy findings. And esp if 2. & 3. precede 1 a bailout.)
Click to expand...
Contracts that I've seen place responsibility for airworthiness items (which can be in the eye of the beholder) with the seller. At some point, buyer signs his acceptance of the aircraft (if not, this would be your bail out).
 
Aopa has a sample purchase agreement, take a look at it, modify as u see fit.
 
What is the Broker's role?
Is the Broker there to make the transaction as difficult as humanly possible?
Is the Broker there to make the buyer's life a living hell?

Also, when is the Aircraft Broker's Association going to address their awful image in the community with webinars and meetings on "How to act like a normal person" "How not to be an aggravation" "How to facilitate, not block a transaction which has success written all over it"
 
Let'sgoflying! said:
What is the Broker's role?
Is the Broker there to make the transaction as difficult as humanly possible?
Is the Broker there to make the buyer's life a living hell?

Also, when is the Aircraft Broker's Association going to address their awful image in the community with webinars and meetings on "How to act like a normal person" "How not to be an aggravation" "How to facilitate, not block a transaction which has success written all over it"
Click to expand...

I wouldn't know, I never even remotely considered using one.
 
Let'sgoflying! said:
What is the Broker's role?
Is the Broker there to make the transaction as difficult as humanly possible?
Is the Broker there to make the buyer's life a living hell?
Click to expand...
I wouldn't use one for myself but did have to deal with one that the seller was using. He was less than ideal. Not responsive. A touch condescending. He forgot to get my earnest money. He also negotiated a higher selling price for the seller and then forgot when he wrote the contract so I got it for my initial offer. I almost walked away but really glad I didn't. This same broker forced a different buyer away with his shenanigans (found out through the twin cessna flyer).
 
Check out the pictures,make offer,do pre buy ,from a neutral shop. Have my mechanic talk to the pre buy shop. Have clause ,sale subject to pre buy. Set up CFI for insurance check out ,pick up plane.
 
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