As the owner of an airplane, you are probably aware of just how vital it is to maintain your plane registration up to date throughout every change, especially the more drastic ones. What kind of drastic changes? Well, let’s go into what an FAA exchange of ownership entails.
FAA Exchange of Ownership
The reason behind why you registered your plane in the first place was to make sure you had a legal claim to the aircraft. This allows you to fly it with all the necessary permissions and regulations in place, comfortably handling all the paperwork related to this. It’s important to remember that this also means that the registration is tied to the aircraft itself rather than to the owner, so if you are to sell or transfer the aircraft, the registration will need to go with it. The sale by itself will not really be enough to officialize the transfer of ownership in terms of its registration, so be sure to go through the necessary process in order to pass the aircraft registration onto the new owner. Let’s go over what that process looks like.
When you first registered your aircraft, you had to fill out a form, specifically AC form 8050-1. Now, when transferring there is a different process. The specific form that you will have to submit as part of a transfer of an aircraft will be the one for an FAA exchange of ownership. All you have to do as part of this process is provide your contact information as well as specific stats about the airplane, such as the N-number, the manufacturer, the model, and the serial number. After that, you will need to fill out some data about the purchase in and of itself, including the buyer’s information and the sale price. As you can see, this is not a lot of work. You can find the form easily available here on our website to make it even more convenient. You can even pay the transfer fee directly through us too.
Other Uses for the Transfer Form
Remember that the transfer form will not only come in handy when performing a full transfer of ownership. You will need it whenever you are adding or removing an owner from the aircraft registration, be it due to a business partnership, divorce proceedings, or a marriage. After all, you are transferring ownership from one person to two or vice versa. This means that implementing the same form makes sense., even if it’s not a full transfer. Be sure to keep this in mind throughout the filing of the actual form.
File Your Exchange
Your aircraft registration is a very important document to keep in mind at all times in order to make sure that you are flying in order. Whether you need to transfer full or partial ownership, you can do so conveniently through our website. And, should you need any help filling out or submitting the forms, you can just give us a call at 1-800-357-0893 or email us at email@example.com. You can always rely on our team here at the National Aviation Center to help you take care of your civil aircraft register forms.