What legal restrictions apply to the sale of aircraft?
In California, the sale of aircraft is subject to many legal restrictions. First, any buyer of an aircraft must be able to legally own the aircraft. This means that only individuals who are at least 18 years old, as well as corporations, trusts, partnerships, and other legal entities, are allowed to purchase an aircraft. The sale of an aircraft also requires a bill of sale. This document must include the full legal names and addresses of the parties involved in the sale, as well as the make, model, year, and serial number of the aircraft. The bill of sale must also include the agreed upon sale price and any special conditions of the sale. In addition, the sale of an aircraft must be reported to the Federal Aviation Administration (FAA). This process is completed by filing a form AC Form 8050-2, which is known as the Aircraft Bill of Sale. This form must be signed by both the buyer and the seller, and it must be completed and filed with the FAA within 60 days of the sale. Finally, all aircraft must be registered with the FAA. The buyer of an aircraft must have a valid Aircraft Registration Certificate and must be the registered owner of the aircraft. Aircraft that are purchased in California must be registered with the FAA Central Region Aircraft Registration office. Overall, the sale of aircraft in California is subject to many legal restrictions, including the requirement that the buyer be legally able to own the aircraft, the need for a bill of sale, reporting the sale to the FAA, and registering the aircraft with the FAA.
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