Posted: 7/17/2012 7:51:01 AM EDT
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First time buyer, shopping for a Champ. I just started exploring the process, and I've been able to find answers to most of my questions so far. Having no experience, it seems prudent that I should utilize some service that specializes in the transfer of ownership of aircraft, such as AIC Title Service. Does anyone have any advice, or recommendations that might help me out? Thanks!
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I would absolutely recommend using AIC. I had an issue when I purchased my Mooney where AIC's search came back clear and the company my bank used found a 40+ year old chattel mortgage that had not been released. In spite of the age, the fact that there was a certificate of repossession by the lender that included a statement that the title was free and clear and in their name, and that they sold and transferred the registration, the lending bank refused to lend. I ended up paying cash, a decision that I'm happy I made anyways. I purchased title insurance "just in case," since after all of that mess I felt that it would be foolish not to. Also, I recommend subscribing to AOPA's legal services. They'll give you up to a couple hours of consultation with an aviation attorney for when you purchase your airplane. This is an excellent deal as the legal services cost far less than the attorneys would likely bill you. Plus the legal services may prove to be invaluable in the event you get the dreaded "write down this phone number and call it when you land" statement from ATC (btw, if this happens to you, call a lawyer FIRST).
The way that I found my airplane was by calling around to Mooney Service Centers and just asking if they knew of anything decent that was for sale and not advertised. Mine showed up and I got an excellent deal –– not the type of deal where you get a good price and get lucky that it's good, but one where the history of the aircraft was known in the circles and, had others known it was for sale, I would have missed out. After having been through the process and ending up with an excellent airplane at a great price, I would recommend the following to anyone buying an airplane: 1) Take your time. There is no reason to rush, there are a lot of great airplanes at great prices out there. Don't let anyone pressure you with an exploding offer –– a seller of a good airplane will know it's good and will let you take a few days to go through everything. EVERY airplane that I looked at where the seller pressured me ended up having something fucked up. You're better off walking away from several good ones than jumping on one that ends up being terminally ill. It seems that these days there are more guys who have loved and cared for their airplanes that are upgrading/downgrading or losing their medical than there are people who can take over ownership of those peoples' airplanes. 2) Talk to people who know the type of airplane that you're looking to buy. Internet groups are a good way to find the people who know the service centers and the experts, but I've noticed those guys tend to not be active on the Internet themselves. I would call shops who specialize in the make/model of airplane you're looking to buy and see if they know of anyone who has discussed selling their airplane, but hasn't listed it. It seems that the best airplanes tend to not be listed. 3) Be prepared for something to happen, because it will. In spite of my airplane's flawless maintenance history, I had a magneto coil die on my way home. Budget a few thousand dollars for shit to happen. Things costing you that much are unlikely, but having it set aside will take away from the emotional impact of having to come up with the money if it does. 4) Get insurance through Falcon Insurance and talk to Parker Woodruff. As a first time Mooney owner, with less than 300 hrs total time, an instrument rating and only 11 hours of retract time, my first year premium ended up being less than $1700 for full coverage. They went to several companies, many of them wanted over $3000/yr to insure me. |
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Quoted:
I would absolutely recommend using AIC. (snip) Wow, thanks for all that. I was already leaning that way, but I wasn't sure if there was a better way to go. I've subscribed to the AOPA legal service for a few years now. Like you said, that one is easy math. I hope I never use it. I guess my next step will be to call AIC and get as much set up as I can. There is a fair turnover of planes that I'd be interested in on Barnstormers, so I need to get myself ready and start making some calls, and stops at all the local airports. Thanks for the insurance tip also. I've only got about 15 hours of tail wheel time, so I'll be looking at a higher premium. I'll definitely give them a call. |