Read e-book online Aircraft Ownership : A Legal and Tax Guide PDF

By Raymond Speciale

* deals ''how to'' details and suggestions to the commonest felony and tax matters dealing with normal aviation plane owners--in layman's phrases

* circulate charts, diagrams, and criminal case briefs offer actual global situations of every dialogue

* CD-ROM comprises downloadable varieties, agreements, and checklists

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Therefore, it is unlikely that you will see a waiver of the warranty of title in an aircraft buy/sell transaction. One exception to this general rule may be judicial sales or sales by a sheriff, executor, or foreclosing lien holder. The UCC also provides for when title to an aircraft is actually transferred. Along with this comes guidance from the UCC on when you bear the risk for any loss related to the aircraft you are preparing to buy or sell. All of these rules tie in to the very important question of when you obtain an insurable interest in the aircraft you intend to buy or sell.

A full discussion of this situation is found in Chap. 5. Delivery of aircraft In most aircraft purchase and sale transactions, the buyer and seller may be in different locations. It is very important for your sales contract to specify when, where, and how the aircraft will be delivered from the seller to the buyer. In some cases, the place of delivery may have sales and or use tax implications. If the place of delivery is an interim location for the aircraft, you will want to ensure that the aircraft’s temporary stay does not inadvertently trigger sales or use tax (see Chap.

If you don’t respond fully to the lender’s questions, you may not get the loan you need for your purchase. ” For years, potential creditors have had access to a credit score number assigned to each person who applied for credit. Until recent changes in the law, you usually could not access your own credit score. Now you can. Your score will fall between 300 and 900 with 900 being the highest possible credit score. Your score is determined on the basis of the following criteria: ■ Payment history (about 35 percent of your score) ■ Amounts owed (about 30 percent of your score) ■ Length of credit (about 15 percent of your score) ■ Pattern of credit use (about 10 percent of your score) ■ Types of credit in use (about 10 percent of your score) Buying and Selling an Aircraft 29 As a general matter, if your score is 650 or above, you have a good to excellent credit history and you should not encounter any problems with your credit check.

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