Transacting an Airplane: Basics You Must Keep in Mind
Getting involved with the financial risks of buying, selling, or leasing an aircraft can be a bit worrisome for the wise investor. When entering a new market, it’s always wise to research your rights and obligations before you decide to engage in transactions of this import. Consulting an aviation attorney is a great choice before you engage, and Daniel Kron has you covered in this realm of law.
When you are purchasing or selling an aircraft, you should look into a legal consultant who can walk you through the process. This is the best way to avoid any scams or issues that might arise during the transaction and to ensure that the sale goes in your favor, and not in favor of the buyer.
During the selling or purchase of an aircraft, Daniel Kron – an attorney with first-hand pilot experience – can help you with the following:
- Writing up the purchase/sale contract
- Dealing with loan documentation
- Selecting a place for delivery to maximize on savings
- Figuring out where you need to register the aircraft
- Negotiate with insurance agencies to protect your assets
- Review how often and what type of maintenance has been carried out on the engine
- Writing up a lease contract
- Deal with warranty issues and claims that may arise
If you are thinking of becoming involved in a fractional sale or purchase, it’s also wise to consult with an attorney to look over the contract language and ensure that it protects you and your assets. While the legal language of these documents may be difficult for many pilots to understand, a talented aviation attorney can help you to discern what items in a contract will protect you in the event of any issues that might arise with the purchase or sale.
Aviation should be fun--not a stressor added into your life. When it becomes a chore or something you dread, call Mr. Kron to schedule your appointment. There’s no time to delay when it comes to your freedom of flight - so so do not wait until it is too late to save your career and certifications.
A few other types of issues may arise in relation to aircraft transactions. For instance, if you have decided to sell blocks of time that pilots are able to use your aircraft, it’s important to know that your property will be protected in the event that something goes wrong while the aircraft is not in your possession. There’s nothing worse than losing a good pilot and an excellent aircraft at the same time, so ensure that your contract will protect you in the vent of any accidents or injuries that occur during block time.
Joint use can also be another area of concern for aircraft owners. After all, it’s unwise to give up a financial stake in something you’ve invested in for the use of a friend or pilot you know well unless you have written up a contract as to what will occur if any accidents happen while someone else is using your aircraft.
For any questions involving aircraft transactions, contact Daniel Kron, Esq. for your free consultation on the matter.