Aircraft Hangar Bill of Sale is a crucial instrument to establish a proof of ownership of an aircraft hangar for the buyer. The law in most of the states requires to document transactions in amounts $500 and over to protect stakes of the buyer as well as the seller.
This bill of sale document records such transaction. The seller of the aircraft hangar undertakes that
- The property is free from encumbrances or liens
- To protect the buyer’s stakes from future claims
- Money received towards the physical transaction
- No warranty is offered on the aircraft hangar
The buyer must review the terms of sale and other particulars specified in the Aircraft Hangar Bill of Sale document prior to signing it in acceptance. The buyer must ensure that the bill of sale contains
- Accurate information about seller
- Accurate information of the buyer
- Purchase price in US dollar
- Description of an aircraft hangar
- Signature of the seller
Investment in aircraft hangar is huge and therefore, documenting the transaction in entirety is very necessary. The buyer must ensure that the seller prepares this Aircraft Hangar Bill of Sale form with diligence. In addition, no individual must sign this document as the seller in case the aircraft hangar is registered under a corporation or LLC name. Please ensure that particulars of personal property are described in the bill of sale in case the seller wants to sell it along with the hangar. Specifying the location of the airport and site number is very necessary. At times, site number is also termed as lot number.
How to Write
- Enter seller’s name.
- Enter seller’s address.
- Enter buyer’s name.
- Enter buyer’s address.
- Enter purchase price in US dollar.
- Enter the make of aircraft hangar.
- Specify aircraft hangar model.
- Enter the serial number of the hangar.
- Specify the location of the airport.
- Enter site or lot number.
- You may choose to describe the personal property, if any sold along with the aircraft hangar.
- The seller must sign the Aircraft Hangar Bill of Sale after entering the printed name and date.
- The buyer must sign this bill of sale form after entering the printed name as well as date.
Summary
Aircraft Hangar Bill of Sale is an important legal instrument signed by the seller and buyer of airport hangar during the sale of the same. This document records a physical transaction, serves as proof of ownership and receipt for payment to the seller. The buyer must ensure that the document is prepared as required with all necessary particulars like information of buyer and seller, description of an aircraft hangar and personal property if any, location of the airport and site or lot number. Both seller and buyer must sign this Aircraft Hangar Bill of Sale to execute it legally and in entirety.
