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FAA Bill of Sale Template
What Is an FAA Bill of Sale?
An FAA Bill of Sale is a legally binding document that documents the agreement of a sale of an aircraft, signed by both the buying and selling parties. The document will in detail outline information regarding both parties, the type of aircraft being purchased, and the finalized price that the buyer will pay for the aircraft.
Alternate Names:
- Aircraft Bill of Sale;
- Airplane Bill of Sale;
- FAA Bill of Sale Form.
The document legalizes the sale of an airplane and is also extremely important when it comes to the registration process. It is compulsory to submit the FAA Bill of Sale when registering the airplane. You need to ensure that all of the details of the transaction are well documented and included in the agreement - this will save you a lot of hassle and possible issues with the authorities later down the line. This is why we highly recommend using a template that will contain all of the necessary information required to successfully produce and fill in an FAA Bill of Sale, made available to edit so that you can put in the necessary details.
An FAA Bill of Sale template can be downloaded by clicking the link below.
How to Fill Out an Aircraft Bill of Sale?
Luckily, we have simplified this procedure for you. All you have to do is download one of our templates and fill in the following information, ensuring that you produce two copies of the document - the buyer will usually receive both copies:
- Include the date that the sale was finalized;
- State the name and contact details of the buying party;
- State the name and contact details of the selling party;
- Details of the aircraft including the make and model of the airplane, the unique serial and registration numbers along with the year of issue should all be included;
- The price paid for the aircraft;
- The date by which the aircraft should be delivered by;
- Usually, a prepaid deposit must be submitted beforehand. If this is the case, details of the deposit, particularly the sum, must be clearly outlined in a separate clause. There should also be information regarding whether or not the deposit is refundable. If it is, the specific conditions for this refund should be clearly written out too;
- Details of the timeframe for inspecting the aircraft;
- Add information about the state in which the sale of the airplane is taking place;
- The document needs to be signed by both parties and any witnesses;
- Any other relevant information related to the specific sale.
When Is an FAA Bill of Sale Required?
An FAA Bill of Sale will be requested by the Federal Aviation Administration (FAA) when an aircraft is being sold and purchased. It contains all the crucial information needed for them to officially register the plane and legalize the sale. Without this document, you can run into some serious problems that can have quite serious legal consequences.
This registration document can be used to provide information to insurance companies when taking out an insurance policy. It acts as confirmation that the policy is taken out by the legitimate owner of the aircraft. The registration document must also be renewed once every 3 years and if you are the owner of an aircraft which you have decided to sell, after the sale process you are obliged to return this registration document to the FAA within 3 weeks.
It is best to submit the FAA Bill of Sale to the FAA as soon as possible. The sooner you do it, the sooner you will be at peace knowing that everything has been confirmed legally.
Still looking for a particular template? Take a look at the related templates below:
Download FAA Bill of Sale Template
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