3RD PARTY AIRCRAFT OWNERSHIP:
We are the experts in 3rd party aircraft ownership for individuals and corporate owners who are not USA residents or USA owned. The FAA requires that any aircraft held under the FAA "N" registry, must be held by a USA resident or company. We can expedite your USA ownership and provide you with all the necessary documents to hold title including operating leases, faxed fly wires and the required US Radio License, all at very nominal fees.
TITLE AND DOCUMENT SERVICES:
This is a search of the FAA records and/or the International Registry of Mobile Assets (IR) records on specific aircraft, engines, propellers or spare parts location. It provides the name and address of the present record owner, how they acquired the aircraft and the previous owner if shown. Additionally, it reflects any open encumbrances filed at the FAA, breaks in the chain of ownership, judgments or any adverse information revealed through the examination of the records. In accordance with FAA recordation requirements, separate searches are also conducted for airframe and engines on all prop-driven aircraft with engines over 750 SHP and on all jet aircraft with engines producing 1,875 pounds of thrust each.
If you elect to use our escrow services, we will act as a neutral third party to the transaction. First, we will conduct a title search of FAA records and International Registry records (if applicable) and determine all of the necessary documents for transfer of clear title to the Buyer. We will receive all documents from the Seller as well as the Seller's lien-holder (if applicable). We will receive the Buyer's funds into escrow and, upon written authorization from the Buyer, disburse the funds to the appropriate parties with simultaneous filing of the documents with the FAA and International Registry (if applicable).
Title Insurance should be purchased on aircraft - it can indemnify a buyer or lender against actual losses that divest them of their interest in the aircraft. That is, the lender is assured of his lien position, and the buyer is assured of ownership rights. In the event of a defective title, intervening liens or any errors insured against, the title insurance company would perfect the title, paying up to the insured amount to clear the title. Federal tax liens, some mechanic's liens, unenforceable bills of sale or security agreements, are just a few examples of undetectable risks that are covered by a title insurance policy.
In the case of a covered claim, title insurance will pay the attorney's fees to defend your title, and if there is a total loss of title, will pay the value of the plane, the remainder of the loan, or the amount of the policy, depending on the circumstances.
We will coordinate with the Title Insurance Company on your behalf.
TAX-FREE AIRCRAFT EXCHANGE:
We can assist in tax-free aircraft exchange transactions under Internal Revenue Code Section 1031.