What are the legal requirements for aircraft ownership transfer?
If you are a Washington resident looking to transfer aircraft ownership, there are numerous federal, state and local regulations you must abide by. Firstly, the transfer of aircraft ownership must comply with the Federal Aviation Administration (FAA). According to the FAA, all aircraft owners must have a valid airworthiness certificate, registration and operating limitations in order to transfer ownership. The FAA also requires aircraft owners to file a bill of sale and transfer documents with the FAA. This document must contain the aircraft registration number, the name and address of the seller, the name and address of the buyer, the date of sale and the sale amount. Additionally, the FAA requires the payment of any applicable excise taxes and the proper notification of any lienholders of the transfer. In Washington, there are additional requirements for aircraft ownership transfer. Washington state requires the seller to complete a Statement of Transaction for the transfer of ownership, which must contain information pertaining to the buyer, the aircraft, and the sale. The buyer must also register the aircraft with the Washington Department of Transportation (DOT). All aircraft ownership transfers must also be reported to the National Aircraft Registry. The purpose of this registry is to keep track of the ownership and operation of all aircraft in the United States. The registry includes aircraft ownership, registration, and operating privileges. In summary, transferring of aircraft ownership in Washington requires complying with FAA regulations, completing a Statement of Transaction with the Washington DOT, and filing the transaction with the National Aircraft Registry.
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