Aircraft Sales Lawyer

CANADIAN AIRCRAFT SALES LAWYER

Experienced legal services related to the sale of aircraft.

Selling one’s private jet or other aircraft is rarely a straightforward transaction. Most sales involve a number of significant business and legal considerations that need to be properly addressed in the lead-up and negotiation of the sale, through its closing and the fulfillment of post-closing obligations and legal situations. As such, experienced and knowledgeable legal counsel is essential to properly effectuating the sale of an aircraft. Significant areas of legal consideration that can arise in the sale of an aircraft:

Existing Ownership Arrangement – Where the aircraft is not owned outright by a single individual, as a result of the aircraft being co-owned or having fractional ownership interests, it is imperative that all the parties are appropriately engaged and legally signed off, with their particular split of the purchase price, otherwise there is the potential for considerable legal infighting.

Existing Financing Arrangements and Other Outstanding Legal Obligations – Given the significant value of most aircraft, even used aircraft, most aircrafts have been securitized in some form, even if they been paid out in full. Such securitization, which is even more significant when there are outstanding payments due on the aircraft, such that these arrangements need to be appropriately handled such that the sale might be completed, with all secured parties being appropriately dealt with.

Vendor-Take-Back Arrangements – Although everyone’s preference is to get paid in full on closing, the reality is that many transactions do not result in full payment on the closing date. Instead financial and legal arrangements need to be negotiated that facilitates the payment of the balance of the purchase price under specific terms and provides the seller with appropriate legal protection against payment delay or default.

Aircraft Technical Functionality – Purchasers and their lawyers invariably seek to attain warranties and other legal assurances as to the aircraft’s technical functionality, often hiding it within the purchase agreement, such that you need to be extremely cautious and work with your own knowledgeable legal counsel to minimize your legal exposure from these and other issues.

To contact the law firm of Neufeld Legal P.C. with respect to legal and contractual matters pertaining to private jet purchases, sales and leasing, our legal team can be reached via email at Chris@NeufeldLegal.com and by phone at (001) 416-887-9702.