It takes a unique type of person to want to own and pilot their own airplane. After all, it takes a lot of studies, coursework, and in-cockpit instruction before you can be issued a pilot’s license. On top of that, while many may find being alone a thousand above the ground to be anxiety-inducing, you find it to be the ideal way to spend a weekend afternoon. Well, if aviation has long been a pastime of yours, chances are you have owned a plane or two. While there are a vast array of different makes and models out there for private purchase, most planes have one thing in common: they’re expensive. Because of this–and because planes are built to last–the secondary market for airplanes is typically strong. If your airplane needs have evolved and you are looking to purchase something bigger, you can sell your aircraft to another budding aviator who can get enjoyment out of it. Before you complete this transaction, though, you should make sure you know how to complete an airplane transfer of ownership.
Whether you are looking to upgrade from something bigger than a single-engine plane, or if you do not use your aircraft much these days and are looking to move on from it, there is a general process you will want to follow in order to sell it. First, you will want to thoroughly clean your aircraft inside and out, removing any of your personal belongings. Next, you will want to take high-resolution photographs that accurately depict your airplane. From there, you can begin putting together an engaging “for sale” listing in both print and digital marketplaces. Once you have attracted a seller who has met your terms, you can then assist them with satisfying the FAA’s transfer of ownership requirements. Read on to learn more about this process.
What is an Airplane Transfer of Ownership?
So, you have a buyer for your aircraft and a deal is nearing its finalization. Before the keys can officially change hands, there are a few things you will want to do. First, assemble your plane’s log books and records, as the buyer will want these. Next, scrape the plane of any FCC radio license that bears your name. Finally, remove the registration certificate from the aircraft and begin the process of signing it over to the buyer.
As the seller, you have an obligation to complete Form 8050-2 – Bill of Sale. This document must be processed with the FAA’s office in Oklahoma City, Oklahoma. You can think of the bill of sale as sort of like a receipt. This document will include the names of the seller and buyer, as well as the involved aircraft’s serial and N-numbers, and its make and model. You will also want to include the agreed-upon price on this form.
Complete Your Sale Online
Whether you need a bill of sale, an initial registration, or even a claim of lien, we can help. At the National Aviation Center, we have easy-to-complete web documents for all of your FAA paperwork needs. To learn more, visit our Frequently Asked Questions section today.