Escrow service

FORANE

FORANE

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FORANE
Please educate me on escrow service for aircraft sales.
Did you use escrow service when buying or selling?
How much does it cost?
What to expect?
Recommendations...
The plane is an experimental with Canadian registration.
 
I used an escrow company each time. Usually the one recommended by AOPA so they get their kickback (my assumption).
The fee was a couple hundred bucks. The handled the filing the paperwork with the FAA, title search, and record search for me.

Canadian registration will make it interesting.
Make sure you touch base with your local FSDO and/or DAR to understand the process. There are issues with the 51% rule, and changes to standards that both the FAA and Canada have been implementing. I was in process of putting on offer on a Canadian experimental when I ran into liability insurance problems just over a year ago (the available insurance did not meet my requirements). At the time, my local FSDO gave me the whole process to import but warned me that the process, guidance and rules will be changing; hopefully for the better.

Tim
 
I used an escrow service ,when i purchased a twin,went through AOPA,was well worth the money.
 
I also used aopa's escrow service. since it ended up being split 3 ways it was well worth it.
 
tspear said:
I used an escrow company each time. Usually the one recommended by AOPA so they get their kickback (my assumption).
The fee was a couple hundred bucks. The handled the filing the paperwork with the FAA, title search, and record search for me.

Canadian registration will make it interesting.
Make sure you touch base with your local FSDO and/or DAR to understand the process. There are issues with the 51% rule, and changes to standards that both the FAA and Canada have been implementing. I was in process of putting on offer on a Canadian experimental when I ran into liability insurance problems just over a year ago (the available insurance did not meet my requirements). At the time, my local FSDO gave me the whole process to import but warned me that the process, guidance and rules will be changing; hopefully for the better.

Tim
Click to expand...
Yes, I spoke with my local DAR a couple hours ago. Thanks for the tip though.
 
I save money by using common sense.

Didn't use one for my first plane that was in the mid 20s, didn't use one for my last plane that was just shy of 200.

Just do your due diligence, give a sub 1k deposit, fill out a sales agreement (boiler plate ones for free on AOPA), don't hand over any more cash till the prebuy is complete and you're ready to be a owner, you wire the $$$ he checks it hit is bank, fill out the 8050-1&2 and he's got cash and you got plane. Bada bing

It's all in basic English, only reason I'd use a service is if I was importing a plane and the records were in a different language or something
 
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