Aircraft Loan Closing and Documentation

Once all of the required documentation is received, closings generally take two business days - one day to prepare and overnight documents to the client and one day for the client to sign (with notary) and return the documents. Upon receipt of documentation and authorization, funds will be wired to the seller or lien holder, as designated by the buyer.

The following is a list of items common to most aircraft transactions between buyer, seller, and lender. While this list may appear overwhelming, our experienced staff and our title company partners will guide you through the documentation process.

Aircraft Spec Sheet or Valuation for larger transactions
Aircraft Usage Certificate
Insurance binder
Pre-Buy inspection report
FAA registration application
Delivery and acceptance receipt
FAA Bill of sale
Title work
Promissory note / Security note / Business Loan Agreement
State registration application (required in about half of the states)

In addition, the Cape Town Convention Aircraft Protocol and International Registry require aircraft meeting the following requirements be listed with the International Registry. This process usually takes anywhere from one week to three weeks. Again, our experienced team will help walk you through each step of the registration process.

Airplanes and engines that qualify are:

Airframes that are type certificated to transport at least eight people, including crew, or goods in excess of 6,050 pounds.
Helicopters that are type certificated to transport at least five people, including crew, or goods in excess of 990 pounds.
Jet propulsion aircraft engines with at least 1,750 pounds of thrust or its equivalent
Turbine-powered or piston-powered aircraft engines with at least 550 rated take-off horsepower or its equivalent.

To aid you in this documentation process, below are links to specific pages within the FAA website. These links are helpful in obtaining both an Aircraft Bill of Sale form (AC Form 8050-2) and the Aircraft Registration Application (AC Form 8050-1). Note that the FAA does not accept photocopies or computer-generated copies of this form. Aircraft Registration Applications may be obtained from the Aircraft Registration Branch or your local FAA Flight Standards District Office (FSDO).
http://www.faa.gov/licenses_certificates/aircraft_certification/aircraft_registry/register_aircraft/
http://forms.faa.gov/info_new.asp?form_number=8050-2&open_doc=N

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