The Purchase Agreement
After you have located an aircraft that meets your requirements and you have completed an aircraft appraisal, make a verbal offer backed by the following elements in a written offer.
Offer to purchase the aircraft for a specified sum subject to the following conditions:
Free and clear of all liens and encumbrances.
The aircraft must be in an airworthy condition with the following:
Required maintenance performed.
Airworthiness directives complied.
Mandatory service bulletins performed.
Time critical components within TBO.
All systems, installed equipment, avionics, propellers, and engines in good operating condition.
All of the above with original logs, records, maintenance and flight manuals.
Sale to be complete with funds exchanged on or before [date].
A $[amount] USD refundable deposit in escrow to be credited against the purchase price of the aircraft. This deposit is refundable, subject to pre-purchase inspection.
A pre-purchase inspection will verify the aircraft is as represented. Pre-purchase inspection (at my expense) will take place at a mutually agreed facility in [location] to confirm that the Aircraft is as represented with the above conditions being in compliance.
The closure of my current aircraft sale (currently scheduled for [date]).
In the event, at my sole discretion, I elect not to purchase the aircraft after having the inspection performed:
I shall notify you within one (1) business day of the inspection.
The escrow will return my deposit, less the cost of moving the aircraft (fuel and oil) for the purpose of the inspection.
This Sales Agreement will then be declared null and void with no further liability whatsoever between the parties hereto.
Keep in mind two very important items. First, we strongly recommend that you use a title company or a bank to broker the transaction. Second, you should combine the prepurchase inspection with an FAA conformity inspection if you are planning on chartering your aircraft. By doing this you will reduce cost and risk associated with the later inspection.