FULL SERVICE ESCROWS
From the Seller:
A copy of the executed purchase agreement or contract of sale.
Information regarding current lenders, so that we may contact the lender to get the proper lien releases in file with a current payoff.
We will need an executed FAA Form 8050-2, "AIRCRAFT BILL OF SALE", forwarded to escrow.
We may also require other documentation required by Federal Aviation Title Company, LLC title search. Our office will contact you if other documents are required.
All instructions to the escrow agent must be in writing regarding the release and filing of the documents.
From the Purchaser:
The purchaser will provide in writing authorization for the release of the funds for the purchase of the aircraft.
The purchaser is normally responsible for the escrow-closing fee, but other arrangements are possible according to the purchase agreement or sales contract.
As your escrow agent Federal Aviation Title Company, LLC will:
Perform the title search on the aircraft and engines and will provide a written title search to the seller and purchaser as soon as escrow is opened.
assist the parties in the preparation of the documents and in securing curative documents if necessary.
hold safe in escrow the deposit and all funds subsequently forwarded to escrow.
hold all documents in escrow until written authorization to release has been received from all parties involved.
immediately file the documents with the FAA Aircraft Registry and send necessary funds by the Federal Wire System upon closing.
if necessary and at no additional cost, Federal Aviation Title Company, LLC will request expedite registration for the purpose of an overseas flight.
provide a title search after recording showing ownership and lien position.
I look forward to working with you on this transaction.
For more information call 1-800-654-5694