The use of corporate jets is on the rise, with business owners and busy executives being required to urgently visit a distant location. Waiting for a standard commercial flight is time-consuming, while the prospect of having to change planes to reach a remote location can be detrimental to the purpose. Most Corporations had made do with chartered jets so far. Still, the increase of business interests also comes with numerous challenges making it essential for the management to consider looking at a corporate aircraft for sale.
Sure, the Corporation or company is likely to have the money to obtain ownership of a private jet should be easy enough. Unfortunately, merely having the required finances is not the only criterion for buying an aircraft outright. It is necessary to note several considerations before becoming the proud owner of an aircraft that fulfills all objectives.
One needs to approach the mission of buying a private airplane systematically and utilize only qualified and dedicated people to handle it. Roping in office executives or family members with a little knowledge of aviation is risky. The best way to deal with the project of purchasing a private aircraft should include the following steps:
1. Selection of an experience private aircraft broker of repute capable of saving money for the client. One also needs to get in touch with a lawyer specialized in dealing with aviation law.
2. While the broker would provide an inventory containing details of all private jets for sale, it is of utmost importance to request a viewing of the shortlisted crafts and match it with the requirements.
3. After finalizing the decision, it is advisable to offer the existing owner/company of the concerned aircraft. The offer letter or letter of intent needs to be ready to take the process forward.
4. The legal professional needs to come in at this point, check the transaction details, and review the points, including the fine print. The required tax issues need to be clarified at this stage too.
5. Conducting due diligence with the lawyer’s help becomes imperative at this stage with the liens and other legal issues uncovered before the transaction takes place.
6. Negotiating the details of the “Aircraft Purchase Agreement” is the next step, with the agreement being signed after that
7. One must be prepared to deploy the technical team to review the aircraft’s logbook and check all the records traced back to its first flight.
8. The finances need to be assessed and appraised if the company cannot come up with the required amount singly.
9. Taking a test flight or re-location flight is essential as well, following the terms included in the “Aircraft Purchase Agreement.”
10. Review of financial documents and inspection of pre-purchase documents are completed before drafting of the sales documents begins
It is indeed essential to complete aircraft sales by enlisting professionals who have comprehensive experience in handling similar projects on behalf of different clients.
CFS Jets 