Purchasing or selling an aircraft is an exciting phenomenon, but the event includes multifaceted and complex processes. Thus, mistakes during the purchasing or selling of aircrafts is quite common in the industry. To ignore the mistakes which can delay the overall time it takes for the entire process, every organization or individual willing to purchase or sell an aircraft should go for professional help. If you are interested in aircraft acquisition, you must remember one thing and that is you must get connected to a team which is able to provide you all the services such as aircraft brokering, aviation attorney, aircraft financing, company registration and aircraft title registration etc.
Common mistakes done by buyers while buying an aircraft
The process of buying an aircraft is multifaceted and it can go extremely wrong if not done properly. Remember that even a small and ignorable mistake can even cost you a lot of money. New buyers very tend to try to do the process all by themselves. That can end up costing them comparatively more than when they hire aircraft purchasing and selling consultants to guide them. The negligible cost of hiring a broker or a consultant can save you your peace of mind along with the scope of loss of funds.
Here are the mistakes that a buyer does during the process:
- They do a little or no research about the type of aircraft which can fit to their requirements and budget.
- They skip the step of pre-purchasing inspection to save the cost, and they end up at missing many other major discrepancies which are present. The negligence ends up at costing higher while purchasing the aircraft
- They proceed for the purchasing without ensuring all the required documents timely, including the transfer or registration, IR documents and insurance.
Common Mistakes done by sellers while selling an aircraft
Not only the buyers, even the sellers make some mistake which reduces their profit margin at the end of the deal.
Here are the mistakes that a seller does during the process:
- First time or new sellers sometimes try to sell the aircraft without the help of a broker or consultant. They end up wasting time waiting for the right buyers and the right price.
- They skip using an aviation escrow company for the sell process and the complications they face is as big as losing the ownership of the aircraft, followed by loss of funds.
- They do not plan the tax matters properly which are involved in the sale of the aircraft.
Taken from the aircraft mission research to the delivery, there are many steps that the buyers and the sellers need to go through. An experienced consultant can help you in many ways. Spending minimal amounts while hiring a consultant may save you lots of money and time and make the process smooth and timely.