Selling My experimental

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dalealan

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dalealan
Have a guy that wants my experimental airplane. I plan to deliver it to him so he can familiarize himself with the plane before he flies it by himself.
After delivery I plan to go with him to his bank and together with a bank officer wire my bank for the amount of the sale. Is this a safe way to do this? Can he stop the wire? Seems to be safer than a certified check for the amount, which I believe can be stopped.
Any ideas here?
 
There is always cash. If no loans or liens are involved, the escrow company provides very little added protection beyond what an exchange of cash and joint signing of the triplicate provides. You know the guy, so there is not much of a chance of him sticking you up after you walk out of the bank.

Today I did a wire. Two hours later lady from the bank calls me that it didn't go through due to a technical glitch. So just because someone did the wire paperwork in your presence doesn't mean the money is in your account.
 
How much do you trust your buyer?

Most banks will act as escrow agents. check.
 
A bank cashiers check must be honored if it is presented to them within 90 days of its issuance. The bank cannot put a stop payment on it. There are however fraudulent cashiers checks made with real banks names printed on them that do not come from the bank; those are printed by thieves and would not be honored.

Go to the buyers bank with him and watch the teller hand him the cashiers check. If you try the cash transaction option mentioned and the amount is greater than 10k, then there are mandatory reporting requirements to the gov which were instituted to try and track money from illicit activity..
https://en.wikipedia.org/wiki/Currency_transaction_report
 
If you use the same bank, then can you transfer the money directly from 1 account to another?
 
As someone who investigates fraud every day...the way you plan is fine. So is cash. So is a check written right there at the bank. Now I know some would think the buyer could cancel that check, and you'd be right. Of course, I also know the buyer would be committing a felony, so...
 
Escrow service. I used the mechanic and owner of the flight service that we both trusted.
 
Cashier's check works. I took a personal check for my last plane. It was for $100K but I knew the buyer. Avoid cash. Large cash withdrawals and deposits require reporting to the government. It's a hassle for everyone.
 
Stewartb said:
Cashier's check works. I took a personal check for my last plane. It was for $100K but I knew the buyer. Avoid cash. Large cash withdrawals and deposits require reporting to the government. It's a hassle for everyone.
Click to expand...
The reporting requirement is trivial. I used to buy a certain commodity [unicorn horn] in the USA and ship it overseas, depending on dollar/foreign currency relationship. I got between $10K and $40K cash from my bank every single day (at a different time every day, by their request). Had to do similar when we bought our house, due to a potential screw up I had to have a large amount of cash on hand. Wasn't needed. Essentially had to do the paperwork twice. I resent having to do it, but it isn't a big deal in terms of paperwork.
 
The key phrase is certified funds.
This is cash, recent cashiers check, wire, bearer bonds and a few other more esoteric items.
Cash can be a headache to handle.
Cashiers check, you want during bank hours to do a merchant verification to prevent a fraudulent copy
Wire, depends on the bank how long it takes. Some are a matter of minutes, others it could be hours, and the also have cut off times.
Bearer bonds usually have expensive fees.

At the end of the day. Escrow with an aviation transfer company that can register the sale with the FAA is the safest and easiest.

Tim

Sent from my SM-J737T using Tapatalk
 
For peace of mind ,go with an escrow service.
 
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