It always surprises me when a potential aircraft buyer is unsure of whether he or she should use a purchase agreement when buying an aircraft. Most of these individuals have purchased homes and no doubt used a purchase agreement in such transactions. In fact, I don’t know of anyone who has purchased a home and not used a written purchase agreement. Although the law requires it, when you are spending the amount of money you do on a home, it just makes good sense.
Yet, many of these same individuals would spend the same amount of money to purchase an aircraft, and often times a great deal more money, without the protection of a written aircraft purchase agreement. Here again, the law requires a written agreement for the deal to be enforceable. But many potential aircraft purchasers don’t make the connection or somehow convince themselves that a written purchase agreement isn’t needed. In my legal and personal opinion, written aircraft purchase agreements should be used in almost every aircraft sale transaction. For more information, please read my article on aircraft purchase agreements.
