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PSA's |  |
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Once a buyer and seller have agreed on price,
terms and conditions of delivery, it's always best to put this
agreement in writing. Doing this provides everyone with an exact
record of who's supposed to do what, when, and is a great help
in avoiding later unpleasant discussions.
Keep in mind that the object here is not to provide yourself with
an iron-clad legal document, but rather to smooth the way to a
satisfactory transaction.
Your PSA should contain at least the following pertinent information: Date; aircraft N number & serial number, make and model, agreed price and deposit, closing date and terms. Any repairs to be done by the seller should be itemized, along with any discrepancies accepted by the buyer. A typical PSA might read: "Received from John Doe the sum of $3000, purchase deposit for 1976 Cessna 172 N34355 (Serial number 17270722). It is agreed that the total purchase price of this aircraft is $32,900, and that the balance of $29,900 will be paid upon delivery of said aircraft with free and clear title. Seller agrees to perform the following at his own expense prior to delivery: 1.
An annual inspection. Buyer agrees to pay the balance above within ten days after being notified that the above items have been accomplished. Should the aircraft fail to complete a pre-purchase inspection to the buyers satisfaction, seller agrees to refund all of buyers deposit immediately upon request." If the aircraft is some
distance from you, see: (This PSA is offered as a
suggested example only, |
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