Planes For Sale - Step 6, Step 7, and Step 8 of the Buying Guide

Planes for Sale: Buyers Guide Step 6: Pre-Purchase Inspection

The pre-purchase inspection is the financial responsibility of the buyer and money well spent. If there is anything wrong with the aircraft you want to know about it before you become the one responsible to fix it.

A mechanic of your choice will be hired to be your "technical guru". He or she will be your eyes and your advisor at this point. To minimize the expense, I recommend you find a mechanic near the aircraft to perform the inspection.

Your mechanic should verify the spec list, plus inspect the aircraft, its engine, avionics, equipment and documentation. Afterwards, you should talk to your mechanic about the condition of your aircraft, both mechanical and cosmetic.

It is your responsibility to make sure you fully understand the results of the inspection. If something doesn't make sense to you, ask questions or get a second opinion. As long as the aircraft is found to be in the same condition as advertised, the sale will proceed.

If something undesirable does comes up in the inspection, it doesn't necessarily mean the sale can't happen. It just means both sides need to come to an agreement on a solution. The seller may opt to fix the problem or renegotiate the price, either way; a solution is often possible that will make both sides happy.

Planes for Sale: Buyers Guide Step 7: Verify the Aircraft Has a Clean Title

If there is an old lien on the aircraft, you cannot get financing, and worse yet that person could have a claim to your airplane. Finding this out ahead of time could save you time and the expense of costly attorneys' fees.

Ordering a title search

There are companies with access to FAA records that can perform a title search for you. It will list any liens against the aircraft or site that there are none. Any old liens must be released by filing the correct release of lien paperwork with the FAA, signed by the original lien holder.

Planes for Sale: Buyers Guide Step 8: Get a quality insurance policy

When it comes to insurance, ask questions and shop around. A recent purchaser saved over $1,200.00/year by shopping around!

Ask at your local airport who covers the local FBO or flight school.

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