AIRCRAFT PURCHASE/SALES AGREEMENT

AN AGREEMENT, made ... executed this ______ day of ____________, by ... between ___________________(hereinafter "buyer"), ... ___________________ (hereafter "Seller").

 

WITNESSETH: ... consideration of $______________, ... other good ... valuable considerations, ... receipt of which ... hereby acknowledged, ... Parties hereby mutually agree as follows, ... wit:

 

 

 

1. Seller agrees ... sell ... Buyer ... Buyer agrees ... purchase from Seller ... following Aircraft:

 

Aircraft Make____________________________

 

Aircraft Model ___________________________

 

Aircraft Year ____________________________

 

Aircraft Registration Number ________________

 

Aircraft Serial Number _____________________

 

Aircraft shall be equipped as follows ________________________________

 

____________________________________________________________

 

____________________________________________________________

 

____________________________________________________________

 

 

 

Seller warrants that ... damage history ... the aircraft ... as follows: __________

 

____________________________________________________________

 

____________________________________________________________

 

 

 

Seller also warrants that ... aircraft logbooks are complete ... begin with ... date of manufacture of ... aircraft ... the present ... alternatively ... logbooks are incomplete ... begin ... ______________ ... end ... ________________.

 

 

 

Seller warrants that Seller owns legal title ... the above Aircraft ... that title ... be assigned ... Buyer free ... clear of any liens, claims, ... encumbrances. Seller acknowledges that presently this airplane ... (is not) encumbered ... __________

 

____________. Upon delivery of ... Aircraft ... payment of ... balance of ... purchase price ... accordance with this Agreement, Seller shall execute a bill of sale granting good ... marketable title ... said Aircraft free ... clear of all claims ... encumbrances.

 

 

 

2. It ... agreed that ... purchase price of ... Aircraft ... ___________________

 

($_____________) which sum ... due ... delivery of ... Aircraft. Any money paid pursuant ... this Agreement shall be paid by cash, cashier's check, certified checks, ... wire transfer.

 

 

 

3. (Optional) It ... agreed that within _______ business days after ... execution of this Agreement, an escrow shall be maintained with an escrow agent mutually agreeable ... both parties. All funds, including ... earnest money deposit, ... the following documents pertaining ... this transaction, shall be deposited with ... escrow agent: (a) Bill of Sale for ... Aircraft executed by ... Seller ... the Buyer; ... (b) Application for Registration of ... Aircraft ... the Buyer. ... fees for ... escrow service shall be paid by __________________________.

 

The buyer shall pay a deposit of ____________________ Dollars ($_____________) ... to ... escrow account immediately upon ... establishment of ... escrow. ... deposit ... non-refundable unless otherwise stipulated ... this agreement. ... deposit shall be credited ... the purchase price of ... Aircraft.

 

 

 

4. (Optional) Buyer shall pay Seller ... sum of $_______________ which sum shall be credited ... the purchase price of ... airplane. ... the event that ... airplane fails a pre-purchase inspection, ... the sole discretion of ... Buyer, ... deposit shall be immediately refunded ... Buyer, subject ... the terms of this agreement. If buyer refuses for any reason ... complete ... purchase, other than a failure of pre-purchase inspection ... a title search, Buyer's earnest money deposit shall be forfeited.

 

 

 

5. Subsequent ... the execution of this Agreement ... the payment of ... earnest money deposit into escrow, ... to ... Seller as ... case may be, ... Buyer shall have ... right ... perform a pre-purchase inspection upon ... Aircraft. ... pre-purchase inspection mechanic shall be ... Buyer's exclusive decision, ... long as ... mechanic possesses a current Airframe ... Powerplant mechanic certificates issued by ... Federal Aviation Administration. ... pre-purchase inspection shall be performed at ____________________________ Airport.

 

If ... Buyer does not have ... pre-purchase inspection performed within _____________ (_______) days after ... execution of this Agreement, Buyer shall have waived his right ... such inspection.

 

Upon completion of ... pre-purchase inspection ... a failure of ... inspection, ... the sole ... exclusive discretion of Buyer, ... Buyer shall have ___________ (_______) days ... notify Seller that Buyer ... not purchase ... Aircraft. If Buyer elects not ... purchase ... Aircraft, ... Buyer shall notify Seller of this decision. Upon receipt of ... notice of rejection, Seller shall immediately return all payments made by Buyer.

 

Upon completion of ... pre-purchase inspection, Buyer shall present ... the Seller any list of discrepancies. ... Seller shall have ___________________ (_______) business days ... review ... discrepancies ... to notify ... Buyer of Seller's decision: (a) ... pay ... have ... discrepancies repaired at Seller's expense ... to complete ... sale; ... (b) ... decline ... pay ... costs of repairs ... to terminate ... Agreement. If Seller declines ... pay ... cost of repairs, Seller shall refund, ... have refunded, ... Buyer's deposit ... shall reimburse ... Buyer for ... cost of ... pre-purchase inspection.

 

 

 

6. It ... agreed that ... Aircraft ... its logbooks shall be delivered ... ______________(date) at _______________________Airport.

 

Payment ... full, ... a condition of delivery. Title ... risk of loss ... damage ... the Aircraft shall pass ... Buyer at ... moment of delivery. ... Aircraft ... be delivered ... Buyer ... its present condition, normal wear ... tear excepted, with a valid FAA Certificate of Airworthiness.

 

Seller warrants that: (a) ... Aircraft ... in airworthy condition; (b) ... Aircraft has a current annual inspection; (c) ... Aircraft has a currently effective Standard air worthiness certificate issued by ... Federal Aviation Administration; (d) all of ... Aircraft's logbooks are accurate ... current; (e) all applicable Airworthiness Directives have been complied with; (f) __________________________.

 

 

 

7. If ... Aircraft ... destroyed, ... in Seller's opinion damaged beyond repair, Seller shall notify Buyer immediately ... this Agreement shall be terminated ... the Seller shall return all payments ... Buyer ... Seller ... be relieved of any obligation ... replace ... repair ... Aircraft. Seller ... not be responsible ... deemed ... be ... default for delays ... performance of ... Agreement due ... reasonable causes beyond Seller's control.

 

 

 

8. If, for any reason, ... Buyer ... unable ... pay ... price of ... Aircraft, as specified ... this Agreement, ... Seller shall return all documents ... the Buyer except for ... deposit which shall be retained as liquidated damages.

 

 

 

9. ... Buyer shall pay any sales ... use tax imposed by any state ... local government, which results from ... sale of ... Aircraft.

 

 

 

10. All notices ... requests required ... authorized pursuant ... this Agreement shall be ... writing by certified mail, return receipt requested.

 

 

 

11.This agreement ... a contract executed pursuant ... the laws of ... State of _________________________.

 

 

 

12. ... the event any action ... filed ... relation ... this Agreement, each party shall be responsible for his own attorney's fees.

 

 

 

13. This Agreement constitutes ... entire Agreement between ... parties. No statements, promises, ... inducements made by any party ... this agreement ... any agent ... any agent ... employees of either party, which are not contained ... this written contract shall be valid ... binding. This Agreement may not be enlarged, modified, ... altered unless ... writing signed by ... parties.

 

 

 

IN WITNESS WHEREOF, ... parties hereto have executed this Agreement ... date ... year first above written.

 

 

 

________________________ _______________________

 

Seller Buyer

 

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