the buyer was in a hurry to get an airplane for his flight school. having bought an airplane and facing work that is a significant percentage of its value is not where you want to be, ever. if the seller is unwilling to send you copies of the logbooks, photos of the airplane and/or schedule a prebuy exam, walk away. you do not want to deal with the cost of litigation with a bank that discovered a lien in its old files and is out to collect. fly an airplane before you buy it and have a maintenance technician you select—and has never worked on the airplane before—do a prebuy exam. you are obligated to close up the airplane so that the seller can fly it away. if the buyer asks if the airplane is airworthy, your answer is “ask your mechanic after s/he does the prebuy.” “airworthy” has a distinct legal meaning—and it’s not for you to say whether it is or not unless you are about to be pilot in command of a flight.
nevertheless, you must have adequate logbooks to at least show compliance with all ads or there’s no way for a mechanic and pilot to determine if the airplane is airworthy. the only warranty you should make is that you will deliver clear title to the aircraft. suffice to say that it’s generally less hassle if the buyer is a corporation than if it’s an llc. in addition to what is included for a factory-built aircraft, this agreement should include acknowledgement by the buyer that the airplane is a homebuilt aircraft. in addition to an indemnity agreement in the purchase agreement, the seller may have the buyer and spouse sign a liability waiver and release of personal injury drawn up by an aviation attorney. finally, the most important job of an escrow service is to work with a buyer and seller under terms agreeable to the parties to facilitate closing a sale. always specify that you as buyer or seller shall choose a 3rd party, to protect the interest of all involved.
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