What are the legal requirements for aircraft ownership transfer?
The legal requirements for aircraft ownership transfer in California are dictated by the Federal Aviation Administration (FAA). In order to transfer ownership of an aircraft, both the buyer and the seller must complete a Bill of Sale and present the FAA with the applicable documents. These documents must include: 1. A release of ownership or transfer of title from the current owner to the new owner, which can be done with a Bill of Sale; 2. A signed Aircraft Registration Application, which allows the FAA to properly register the aircraft to the new owner; 3. An airworthiness certificate, which verifies that the aircraft is in good condition and is safe to fly; 4. A statement of compliance, in which the new owner acknowledges that they have read and understand the rules and regulations of the FAA; 5. Proof of insurance, which shows the new owner has coverage for the aircraft; 6. Any applicable sales tax receipts; 7. Any applicable FAA Form 337s, if the aircraft is used; 8. Any applicable Administration Record, which is necessary when the aircraft has been used for commercial purposes. In addition, it is also important for the seller to supply any other documents that may be needed in order to transfer ownership of the aircraft. The final step in the process is for both the buyer and the seller to submit the completed documents to the FAA for processing. Once the documents are accepted and approved, the ownership of the aircraft will officially be transferred to the new owner.
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