Oh I know, write the cheque and we're done right - just like a car or a boat. Well we're in Canada and we're dealing with aviation so there's paperwork to be done, lots of it. I contacted Transport Canada (TC) and spoke to a lovely lady who could, for a small fee, essentially do everything for me. A bill of sale was required, which was fine as we had one as well as some other documentation mainly to do with the business as it is a corporately registered aircraft. As it turns out, the bill of sale was not good enough for the TC paperwork and we needed to draw-up another one. My advice is to talk to TC (or whoever you need to in your country) and get samples of the paperwork you need before you write your own as, if you use theirs, issues reduce significantly. Why don't I include the detail here? why because by the time you read this it'll be different of course - so get yours close to deal time.
The cheque was delivered to the owner and as we had by then become fast friends, deposited in the bank without being certified. I was not moving the aircraft and was leaving for a few weeks, so the owner knew he has recourse for any missed-money, but I would recommend anyone certify a cheque or get a draft when it comes to selling. Once the paperwork and the money was done, she was mine! (or at least the company's - which is sort of mine).
Finally, I have not talked much about insurance. I have as much insurance as it is possible to buy I think. I intend, as I get more experience, to perhaps reduce this but for now and the near future she is replaced if I break her in most circumstances as well as passengers compensated if they, you know, die. I haven't read all the details obviously as I suspect few actually do but the policy is a good one. I knew the details of the costs and coverage before I bought the aircraft as this, for a low-timer like me, is a big deal. Rather we not buy a plane that we can't fly, so my advice here is to get, in writing, what the costs are and the coverage is before you spend any money on hardware.
The following posts, blogs or whatever will talk more about operating KTF. Essentially this is the end of the section on the purchase. I hope you get something out of it as you have been reading. I have tried to include as much as I can in the process of a private buy, but have not gone into brokers and other detail. Also, this was a $30,000 purchase not a $300,000 or $3M one, so obviously you need to scale your own comfort to your particular purchase and experience.
Always expect problems, always get written evidence of that which you are told. If you don't get it in writing, it's not true! Never trust anyone until the deal is done and they have nothing invested in you other than friendship. I was lucky. I ended up with a great aircraft, from a genuine guy in a way I was happy with. The previous owner is insured on KTF and still flies her when I can not. Like I said, I was lucky, but it stemmed from a good choice of what to buy and who to buy it from. I hope you have the same experience and you enjoy this extraordinary treat we have been afforded by our forefathers, who reached for the skies and allowed us the experience on our own terms.
The cheque was delivered to the owner and as we had by then become fast friends, deposited in the bank without being certified. I was not moving the aircraft and was leaving for a few weeks, so the owner knew he has recourse for any missed-money, but I would recommend anyone certify a cheque or get a draft when it comes to selling. Once the paperwork and the money was done, she was mine! (or at least the company's - which is sort of mine).
Finally, I have not talked much about insurance. I have as much insurance as it is possible to buy I think. I intend, as I get more experience, to perhaps reduce this but for now and the near future she is replaced if I break her in most circumstances as well as passengers compensated if they, you know, die. I haven't read all the details obviously as I suspect few actually do but the policy is a good one. I knew the details of the costs and coverage before I bought the aircraft as this, for a low-timer like me, is a big deal. Rather we not buy a plane that we can't fly, so my advice here is to get, in writing, what the costs are and the coverage is before you spend any money on hardware.
The following posts, blogs or whatever will talk more about operating KTF. Essentially this is the end of the section on the purchase. I hope you get something out of it as you have been reading. I have tried to include as much as I can in the process of a private buy, but have not gone into brokers and other detail. Also, this was a $30,000 purchase not a $300,000 or $3M one, so obviously you need to scale your own comfort to your particular purchase and experience.
Always expect problems, always get written evidence of that which you are told. If you don't get it in writing, it's not true! Never trust anyone until the deal is done and they have nothing invested in you other than friendship. I was lucky. I ended up with a great aircraft, from a genuine guy in a way I was happy with. The previous owner is insured on KTF and still flies her when I can not. Like I said, I was lucky, but it stemmed from a good choice of what to buy and who to buy it from. I hope you have the same experience and you enjoy this extraordinary treat we have been afforded by our forefathers, who reached for the skies and allowed us the experience on our own terms.
