Anyone have a good earnest money contract ?

Anyone have a good earnest money contract on a word or adobe document?

I did a quick search and found that many automotive (motor vehicles) sales agreements include verbiage regarding down payments, conditions of sale, transfer of funds etc. Your state may require certain language to be included and limits of damages if the sale is not consummated. Real estate transaction agreements could also be adapted. I found these https://templatelab.com/vehicle-purchase-agreement/ and have used nolo.com

To be reasonably certain all of the t's are crossed and i's dotted, you should probably consult a local atty. (I am not an atty)

When I purchased our last Cub, the seller presented me with a number of documents to sign, like release of liability, as-is condition statement, sale is final, yada, yada, yada. I was a bit surprised as it was a purchase from an individual Turns out he also happened to be a used car dealer, plaid pants and all. :lol:

Good luck with the sale!
Wayne

Just use an escrow service.

AOPA typically has sample sales contracts on their website if you are a member...

Shoot, I have been an AOPA member for a long time. Should have looked there...

Pretty much all the airplanes I’ve bought and sold have been cash transactions, sometimes lots of it! Always with a handshake and the minimum written, along with an AC Form 8050-2 Bill of Sale.


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That is how I bought all of mine. Except for a J5 about 30 years ago, which took some juggling.

I now have a problem with the buyers sending A&Ps to look, but then expecting the A&P to make the deal with me in their absence.
Which the A&Ps really do not want to be doing...
Or they want to give me earnest money and want me to hold the plane until next spring when they "hope" they have the cash.

Don't even get me started on the one guy who sounds like a Central American drug lord who wanted me to deliver it way down there...

Use the AOPA one, as it is widely known and straightforward. If you really trust the person buying your airplane, a personal exchange as far as cash or check or wire can be ok, but that is a big if. An escrow service is my preferred method (they file all FAA paperwork and provide a title search in addition to the funds services). Bought my Cub on a personal level without an escrow service but I still wrote a contract.

—Amy

Call these guys. Make your life easy.

https://www.aerospacereports.com/