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The Aircraft Hangar Bill of Sale Form is an important document that establishes the legal transfer of ownership of an aircraft hangar from the seller to the buyer. As a personal property, aircraft hangar cost significantly and as the law in most states require that transactions that are up to $500 and above should be documented, it is imperative that an aircraft hangar bill of sale be prepared and signed by both the seller and the buyer in order to ensure that there is no confusion and the transaction meets the expectation of both parties.
If the aircraft hangar is owned by a corporation or a business organization, it’s vital that the name of the organization be entered as the seller. Likewise, if the buyer is also a corporate entity, the name of the organization should be listed as the buyer. Individual’s name should be listed on the aircraft bill of sale form as seller and buyer respectively only if the persons involved in the transaction are operating in their individual capacities and not as representatives of corporations.
Usually, the aircraft bill of sale is worded to indicate that the property is free from encumbrances or liens and that the buyer will have the right of recovery in the event the seller deviates in any way from the terms of agreement.
How to Fill : Aircraft Bill of Sale Form
Step 1: Enter the name of the seller followed by the full residential address of the seller
Step 2: Enter the name of the buyer followed by the full residential address of the buyer
Step 3: Enter the total amount involved in the transaction
Step 4: Enter the make of the hangar followed by the model of the hangar
Step 6: Enter the serial number of the hangar followed by the name of the airport where the hangar is located, and the site or lot number for the hangar in the respective spaces provided
Step 8: The seller should append his signature and write his name beneath it and enter the date of transaction beneath his name
Step 10: The buyer should append his signature, write his name beneath it and enters the date of transaction beneath his name