Hangar Purchase Agreement

In most states, the bill for the sale of the aircraft hangar must be recorded with the county where the hangar is located. States require this declaration in order to sue the owner in order to impose personal taxes on the fortune to the owner of the aircraft hangar. Like the property tax, once a year, the county in which the aircraft hangar is located will assess the fair value of the aircraft hangar and then assess a personal property tax on that value. Guarantees. It is possible to include in the sales contract a large number of warranties that constitute certain conditions of the aircraft hangar (for example. B guarantees of airworthiness, market, suitability for a particular purpose, etc.). From the buyer`s point of view, the warranty of the property is probably the most important. This guarantee ensures that the buyer will get the property of the shed freely and without any mortgage. Although the buyer would like to continue to confirm this through thorough diligence prior to the conclusion, the property guarantee contained in the sale agreement will help minimize the risk of consignment or uncovered interest in the aircraft hangar.

Identify the hangar. The sales contract was to identify the aircraft hangar in as much detail as possible. At least it should contain the size and location of the shed. This is usually done using the lot number of the property on which the shed is located. Ideally, a list of all additional personal items sold with the shed should be included in the contract. If the seller intends to keep certain items, these items should be expressly identified and excluded from the transaction. If we take the time to describe precisely what is being sold and what is not, I hope that misunderstandings will be avoided when the hangar is delivered to closing. First, a contract to sell an aircraft hangar is not a 100% guarantee that a buyer is not required to sue the seller if he is not acting as required by law. In this belligerent world, such a guarantee is impossible.

In addition, the sales contract alone does not encourage anyone to do anything. If a seller refuses to fulfill his obligations, the sales contract will not change that. However, the sales contract gives the buyer the opportunity to go to court and get a judge`s seller to fulfill his obligations. Identify the parts. The agreement was to determine who sells the hangar and who buys the hangar. While this sounds simple, it is not always clear who each party is. It is very common for an aircraft hangar to be registered in the name of a limited liability company or company. In this case, the person with whom the buyer negotiates does not own the flight hall and should not be considered a seller.