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
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:
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:
An annual inspection.
2. Replacement of glareshield.
3. Repair of right hand wheel fairing.
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:
MURPHY'S LAW OF AIRCRAFT PURCHASING
(This PSA is offered as a
suggested example only,
and is not intended to represent a legal document.)