If you are in the market for an experimental amateur-built (EAA) aircraft, it is crucial to have an EAA aircraft purchase agreement in place before making any financial commitments. This legal document outlines the terms and conditions of the purchase, protects both the buyer and the seller, and ensures a smooth transaction.
The EAA aircraft purchase agreement typically includes the following information:
1. The parties involved: The agreement should clearly identify the buyer and the seller by name and address.
2. Aircraft details: The document should include specifics about the aircraft, such as the make, model, year, and serial number.
3. Purchase price: The agreement should clearly state the agreed-upon purchase price as well as any deposit or payment schedule.
4. Inspection: The buyer should have the opportunity to inspect the aircraft before finalizing the purchase. The agreement should outline the conditions of the inspection, including who will pay for it and what happens if any issues are found.
5. Title transfer: The document should specify the requirements for transferring the title of the aircraft from the seller to the buyer, including any necessary paperwork or fees.
6. Warranties: The agreement should outline any warranties or guarantees provided by the seller, such as the aircraft’s condition or airworthiness.
7. Legal issues: The document should address any legal issues that may arise during the transaction, such as default or breach of contract.
8. Signatures: The purchase agreement should be signed by both the buyer and the seller to ensure that both parties understand and agree to the terms and conditions outlined in the document.
In addition to protecting both parties involved in the transaction, an EAA aircraft purchase agreement also ensures compliance with Federal Aviation Administration (FAA) regulations. The FAA requires certain documentation for aircraft registration, and having a purchase agreement in place can make the registration process smoother.
It is important to have a qualified aviation attorney review and assist in drafting the EAA aircraft purchase agreement to ensure its legality and accuracy. This step can potentially save you time, money, and legal issues down the road.
In summary, an EAA aircraft purchase agreement is a crucial document for any buyer or seller of an experimental amateur-built aircraft. It outlines the terms and conditions of the purchase, protects both parties, and ensures compliance with FAA regulations. It is highly recommended to consult with an aviation attorney to draft and review the agreement to ensure a smooth and successful aircraft transaction.