People in the US have found a new interest. Buying an aircraft has become a new hobby for the people in the US. As per a 2020 survey, it was observed that there were 204,980 aircraft in the United States. However, buying a plane is not simple. Many formalities need to be complied with for purchasing an aircraft. The National Aviation Center is one such organization that has been established to facilitate the process including the Aircraft Abstract of Title.
One common question which arises when people buy an aircraft is whether an abstract of title is necessary for purchasing an aircraft.
What is an Aircraft Abstract of Title?
An abstract of title is a document that showcases the title history of any property or any other asset. It reflects how the title of a property has changed over time. It includes all the details of transfers, liens, and all the legal actions if any. It would also include the details on any outstanding liens against the property.
What is the Importance of an Abstract of Title?
It is a crucial document for any buyer since it includes all the details of a title history of the product, it ensures a clear title to the new buyer. It acts as a sense of relief for the new buyer as they know the asset’s entire history and know that there are no pending legal issues.
Buying an aircraft is a considerable investment. Owning an aircraft is very different in comparison to other assets. Any person who is willing to make such a heavy investment would want to know the history of the aircraft. In addition, they would like to be assured that the title of the aircraft is clear and there are no legal issues concerning the plane. An abstract of title is one such document that gives this assurance to the buyers.
Is an Abstract of Title Necessary for an Aircraft?
People usually avoid buying a plane from the manufacturer directly; mostly due to a high cost. As an alternative, the buyers rely on the second-hand market. When buying an aircraft from the manufacturer directly, there are no issues concerning the title of the aircraft. However, this issue arises while purchasing the aircraft from a secondary market.
Legally speaking, an abstract of title is an important document; still, it is not mandatory to have one. The document is only for the satisfaction of the buyer and not the law. But to be on the safer side, having an abstract of title is highly recommended. It ensures that there are no pending issues concerning the title of the aircraft.
How Can I Get It?
Obtaining an Aircraft Abstract of Title may be a lengthy and time-consuming process. This is where the National Aviation Center comes in handy. You find a link to the form required for procuring an abstract of title on our website. You can also provide your details and shipping address, and choose whether you want the records on paper or CD. Also, you can choose if you want the records to be registered or not. The entire process is free of cost. The document shall be sent to you by post at your doorstep.
For any queries, you can write us a mail at firstname.lastname@example.org. You can also contact us at 1-800-357-0893.