What are the fraud and misrepresentation regulations related to the sale of aircraft?
In Washington, fraud and misrepresentation regulations related to the sale of aircraft are determined by the Washington State Aircraft Ownership Act and by the Federal Aviation Administration (FAA). The Washington Aircraft Ownership Act regulates aircraft dealers, aircraft sales, and aircraft maintenance. Under this act, dealers must ensure that all aircraft offered for sale are in compliance with FAA standards and are in satisfactory condition. The FAA also imposes regulations related to misrepresentations and fraud. In particular, the FAA requires that all aircraft sales contracts include a clause outlining that any “fraud, deceit, or misrepresentation” in connection with the sale of the aircraft is prohibited. The FAA also requires that the seller of the aircraft disclose all information that would affect the aircraft’s value, such as any known repair or maintenance issues. In addition, the FAA also requires that all aircraft sales transactions be properly documented. This includes requiring the seller to provide an invoice or other proof of sale documentation, as well as a record of any maintenance, repair, or alterations that were conducted on the aircraft prior to the sale. Documentation must include identification of the parties involved in the transaction, dates and details of the sale, and any related payments. Failure to properly document the sale of an aircraft can result in legal proceedings against the seller.
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