You have had the same airplane for several years now. While it has served you well and keeps doing so, you are ready to upgrade to something else that suits you better. Before you go out and buy a new plane yourself, you may want to investigate selling what you have right now. There are always individuals and businesses on the lookout for aircraft on the secondary market so that you can get fair market value for your plane and put that money towards a new purchase. Selling is a process you go through with advertising, showing the plane, and agreeing on a deal. Once you have an agreement in place, you need to take care of some paperwork. First and foremost, you need to fill out form AC 8050-2 as a part of the transaction.
What is This Form?
AC 8050-2 is the formal Bill of Sale document needed when you are selling a plane. This form is put out by the FAA and is what is required by both the buyer and seller to conduct a transaction. The form is specific about what you need to fill out, asking for the name and address of the purchaser and the name of the seller. You also need to supply information about the aircraft, including the registration number (the N-number), the manufacturer and model number, and the serial number. You also need to supply the sale price and your signature. Remember to provide two copies of the document to the buyer since that is what they need to submit to the FAA when they register. You may also want to keep a photocopy for your records.
Check Form Accuracy
When you fill out form AC 8050-2, be sure all the information is accurate. Incorrect information can cause problems or delays along the way. Pay close attention to the name used on your registration and make sure it matches the name you use as the seller. Things like forgetting a middle initial or a Sr. or Jr. at the end of your name will nullify the document, and you will have to fill it out again, get the proper signatures again, and more. It is a good idea to check everything over the first time when you are filling out the form, so it is correct.
After AC 8050-2
Once you have filled out form AC 8050-2, turned over the Bill of Sale and the plane to its new owner, you may want to get out and buy yourself that new aircraft you had your eye one. When you close your deal, you will want to come to us at the National Aviation Center so we can assist you in filing all your registration paperwork. Our services include helping with initial registration, getting an abstract of title, filing a plane security agreement, and much more. Use our website to take care of FAA paperwork, the fast and secure method, so you never have to worry about airplane paperwork.