What to do before buying

It's dog simple, cheap and eliminates risk and hassles. A number of companies specialize in this field, many of them in OKC where the FAA registry is physcially located. Other companies outside of OKC perform similar services, and a number of folks on this forum have their personal favorites.

The escrow company's function is to perform title search, advise and assist with clean-up of any problems, hold the buyer's money and the seller's bill of sale until closing. Once buyer and seller agree to close, they then file the documents, pay off the liens, send the proceeds to the seller and provide time-stamped evidence of registration to the new owner.

In addition, the escrow companies are knowedgeable about many of the side issues that buyers and sellers may encounter and can be excellent sources of advice re. eliminating and/or overcoming snags that might otherwise sink a deal.

Both buyer and seller benefit from the use of escrow, so the fee is typically split 50-50.


The seller deposits money in escrow, the seller places documents in escrow
Jay Honeck said:
What are the steps to setting up the kind of escrow account you're referring to?

I've got two potential buyers for Atlas, and both have asked for advice on setting up an escrow account. Frankly, I've never done it that way, so I have nothing to offer by way of advice.
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Can you give me a link to one of your favorites? I'd like to forward it to my potential buyers.

One guy is coming here all the way from Atlanta, and seems particularly serious.
 
Also interested in a referral to good escrow service from the buyer end.
 
Insured Aircraft Title in OKC does good work. Call Denise Baustert or Anna Aberle.

Jay Honeck said:
Can you give me a link to one of your favorites? I'd like to forward it to my potential buyers.

One guy is coming here all the way from Atlanta, and seems particularly serious.
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I use Aopa,s title service. They were great and reasonable. Very little effort. When I buy for around 50g I just either write check or do wire transfer. Get up to 250g and I use title service and all
 
wabower said:
And you were the guy squealing like a twelve-year-old girl when you were being scammed on an RV deal by some guy in Houston. There's simply no valid reason for a buyer (or seller) to expose themselves to the inherent financial risks of rolling-stock deals when avoiding it is both cheap and easy.
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Yep, the 1 time I didn't know who the seller was.
Now bit chin about getting ripped off his squealing like a 12 year old girl .. yeah right.
 
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My question is why anybody would put themselves at risk for any of the many things that can screw up a deal when

A. It's not necessary to do so
B. The service provided is valuable to both buyer and seller, as is the depth of knowledge available if something goes off-track
C. The cost is peanuts

I can find an airplane anywhere in the country at 0800 tomorrow morning and have it papered, signed and secured for the next step within two hours. Why would I ever do it differently? If it unwinds or the seller turns out to be phone or crooked, my total exposure is zero, and his access to any of my cash is even less.

I make no secret that a high percentage of the transactions I work on are for other people, and most are high-dollar deals. Accordingly, I can't afford to put them at risk unnecessarily and must use prudent-man guidelines on any such deal. I also know of many ways that deposits and seller-held escrows can go south on any airplane or other rolling-stock deal, as do many others who have dealt with a well-known airplane broker who is currently residing at the gray-bar.
 
Jay Honeck said:
What are the steps to setting up the kind of escrow account you're referring to?

I've got two potential buyers for Atlas, and both have asked for advice on setting up an escrow account. Frankly, I've never done it that way, so I have nothing to offer by way of advice.
Click to expand...

Jay, I used Aero-Space Reports. Very good experience with them. Just call them and they will get you started. Link below.

http://aerospacereports.com/
 
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