Aircraft in escrow?

[bob turner]

I never heard of such a thing, but it sounds ok. Is there anything we should look out for?

Usually, the money goes to the seller, who then executes a simple bill of sale. Title search is usually up to the buyer. I guess I am assuming the escrow service is responsible for clearing the title and making sure all the right things are on the bill of sale and application for registration.

 

[Iflylower]

Yep, escrow is made when there is not an immediate transfer. Waiting on inspection, mx, international sale, title search etc. Title search and escrow is usually set up by the buyer. Escrow protects the seller(and potential buyer from fraud) when they take their plane off the market.

Many of these title search, escrow, transfer companies are in Oklahoma City. Go figure.

 

[Speedo]

AOPA offers a reasonably priced escrow service.

 

[Taledrger]

If a reputable escrow company is being used it should be no problem. Actually takes some of the risk of money transfer out of the equation. However, and it's a big HOWEVER, be very careful of brokers acting as escrow agents. If they want you to write the check to them to deposit in their account you need to investigate the further. If it's one of the large established companies then I would not sweat it but there are lot of folks out there trying to get money back from brokers that didn't deliver the airplane.

 

[Clay Hammond]

Here's a list of reputable escrow services published by the FAA:

http://www.faa.gov/licenses_certificates/aircraft_certification/aircraft_registry/media/8050-55.pdf

Aero-Space Reports and AIC Title are the two I have used the most in my years selling.

 

[garyh]

bob,
important, who is the escrow agent(hopefully a title co. that is doing the lien check, title work, etc.)? wouldn't want to hand my money over to anyone else and title co. won't disperse funds until buyer and seller are satisfied with all sale conditions.

gary