How to Sell Your Aircraft

Owning an aircraft is an exciting venture to embark on, but it’s common for the ebbs and flows of life to lead to the next chapter. Whether that chapter involves accommodating new flying habits or transitioning to a different passion, you’ll soon ask yourself, “How can I sell my aircraft?”

When considering each component involved in selling an aircraft, it’s easy to feel intimidated, especially if you’re newer to the market. Fortunately, we make the selling process simple! Below, we discuss the first steps in selling your aircraft including paperwork organization, maintenance , and cleaning.

Aircraft Transfer Process Overview:

When conducting a transfer, the first recommended step is to have a thorough inspection of your aircraft completed. Typically, the buyer arranges and pays for this inspection process. Inspections typically only take a few hours, and can be longer depending on the size of the aircraft. For legal reasons, it’s a good idea to have the mechanic sign off on the inspection he or she conducts.

During the actual transfer (sale) of your airplane, you’ll take your Form 8050-1 registration out of the aircraft and complete the sale section on the back of the Form 8050-1 registration document. You’ll also remove your FCC license. If you’re selling your aircraft to a foreign buyer, you’ll need to remove the N number. This can be accomplished by simply painting or scratching off the number. You (the seller) will then deliver the aircraft keys and the Bill of Sale to the buyer.

The process of learning how to sell your airplane and ultimately transferring the aircraft can be complicated, so it’s always a good idea to involve an experienced broker in the process.

Legal Requirements Involved in an Aircraft Sale

If someone else is listed on your aircraft’s registration, you will need to supply the buyer and broker of the sale with proper documentation authorizing your signatures and your role in the sale of the aircraft. This situation generally arises when trust and estate scenarios are at play, and the seller is an executor, trustee, or heir.

Legally, transfer occurs when the Bill of Sale has been signed by both the buyer and seller. If your buyer is not a cash buyer, you’ll need to be extra careful to make sure the funds are actually available in the buyer’s account. Take note that all sales should be reported to the IRS.

Make sure to inform your aircraft insurance company of the sale and cancel your insurance at the appropriate time.

Forms Involved in an Aircraft Sale

The Registration, or Form 8050-1, can be downloaded directly from the Federal Aviation Administration’s website by clicking here. This form serves to show that you, as the seller, actually own the aircraft you are selling. Once you fill out this form 8050-1, just make a copy of it and put it in the aircraft itself. During the actual transfer (sale) of your airplane, you’ll take your Form 8050-1 registration out of the aircraft and complete the sale section on the back of the Form 8050-1 registration document.

As the seller, it is also your responsibility to complete an FAA Form 8050-2, otherwise known as a Bill of Sale. You can download this form 8050-2 clicking here. The form is also available in physical form at most FAA offices, at aircraft dealer and brokers’ offices, and at airports.

When filling out the form 8050-2, write the seller’s name or names exactly as they appear on the aircraft’s current registration documents. It is also important to note that the form 8050-2 Bill of Sale must be completed twice in the same setting – and the copies should be filled out as identically as possible. After both copies of the form 8050-2 are completed, give one original form to the buyer, and send the other original to the FAA.

After both form 8050-1 and form 8050-2 are completed, you’ll need to mail originals to the Federal Aviation Administration at the below address:

FAA Aircraft Registration Branch

P.O. Box 25504

Oklahoma City, OK 73125-0504

Make sure that you create and keep copies of the form 8050-2 for your own records once the form has been completed.

Selling an aircraft is no small feat. It’s a responsibility-laden process involving interested buyers and thorough documentation: every detail must be accounted for. From the day you buy your airplane, you are expected to complete and maintain mounds of paperwork including logbooks, maintenance records, and A.D. compliances.

One of the initial and most important steps in the selling process is to acquire and organize all paperwork, whether you do so by partnering with an aircraft brokerage selling independently.

To begin, draft and make copies of all documented records as the sale progresses. You must also acquire service, maintenance, and technological histories. If you have yet to list your aircraft for sale or are still considering the possibility, it’s best to stay proactive about organizing all the necessary papers for an efficient, seamless sale.

We understand this may pose as time consuming for personal and corporate schedules. Therefore, we recommend partnering with aviation brokerage services to work on your behalf of the selling process, ultimately saving you both time and money.

As dedicated as you are to your favorite bird, it’s no surprise the maintenance and upkeep you adamantly implemented will ultimately bolster the sale of your aircraft. Overhaul, inspection, and replacement alike ensure your aircraft complies with the highly regulated industry.

While preparing your aircraft for sale, conduct frequent aircraft and engine maintenance to ensure pristine functioning of significant mechanical and technical aspects of the plane. Additionally, examine and verify that interior parts are in great condition or replace as needed. Examples include installing new seals around fuel caps or mending upholstery.

Furthermore, both line maintenance checks and A, B, and C checks are essential for top performance and safety. Although these maintenance checks should be regularly completed, it’s also a mandatory step when selling your aircraft. Therefore, ensure the airworthiness of your aircraft as a whole and each mechanical instrument to guarantee a trustworthy sale.

With paperwork and maintenance well underway, the next step in selling your aircraft is to aesthetically prepare it for the market. First and foremost, complete a thorough inspection of your aircraft’s interior to remove all personal items or additional installations ( not original to the aircraft and do not impact it’s safety or operation ) that you do not intend to sell. Then, clean and detail the aircraft’s interior and exterior to highlight its pristine condition, allowing buyers to effortlessly envision this aircraft as their own.

To effectively clean your aircraft exterior, begin with a thorough wet wash to remove external debris. Then, to give a spot-free finish, protect the exterior paint with a wax application. Next, buff and polish the exterior to help seal the paint and reduce parasitic drag.

During this process, it is crucial to follow the following six aircraft detailing rules :

Upon cleaning the interior, be sure to pay special attention to thoroughly revitalizing and sanitizing high-touch areas in the aircraft cabin, including seats, windows, aisles, seat buckles, and the lavatory. Additionally, vacuum and dry-clean carpeting and upholstery, complete any stain removal where applicable, and condition any leather upholstery to have the cabin looking brand new. Finish it off with wood and trim polish, and your bird will be ready for its next owner!

Parting ways with your aircraft can be a challenging process with many steps, but we help make the process easy! At J.A. Air , we strive to provide you with incredible services and expertise to aid in your selling process.

From aircraft detailing services to aircraft maintenance to aircraft acquisition services , we get your plane sale-ready. You can enjoy the excitement of your next plane or jet without the hassle or stress it may involve getting there, thanks to our knowledgeable, licensed, and factory-trained team. Contact us today for inspection needs, repairs, maintenance, brokerage options, and detailing services. We are excited to assist with your new ventures, whether you’re looking to buy a new make or model or simply acquire a new transportation method.

Contact Us

The post How to Sell Your Aircraft appeared first on J.A.Air.