Michigan Aircraft Transaction Lawyers Guiding Deals Nationwide
With the many risks inherent in purchasing or selling an aircraft, you need the counsel of trusted attorneys. This is where we come in.
We are Driggers, Schultz & Herbst, your knowledgeable legal team. From our law office in the Detroit area, we advise aircraft owners, manufacturers and prospective buyers across the United States. We draw on a deep knowledge of aviation law and business law to facilitate successful transactions. Our firm has one of only two attorneys in the nation who is board-certified out-of-state in aviation law.
Our Comprehensive Aircraft Transaction Services
Every aircraft transaction is unique, with myriad governmental regulations and commercial laws affecting it. We offer versatile legal support from initial negotiation to final closing. Our team handles the many moving pieces of your purchase or sale, working hard to protect your financial interests. Allow us to handle:
- Federal aviation regulation compliance: Our federal aviation regulation compliance lawyers ensure the transaction follows all FAA rules.
- Aircrew considerations: We draft contracts and employment agreements for your pilots and flight staff.
- Securing appropriate insurance: We coordinate with brokers to verify adequate aircraft insurance coverage.
- Hangaring agreements: We review and negotiate the contracts for where you store your aircraft, seeking favorable terms for your operations.
Our aviation law attorneys bring extensive experience to the table. Their versatility empowers them to manage complex cases that intersect with other practice areas, such as personal injury law or civil sanctions, with ease.
What Clauses Are Needed In An Aircraft Purchase Agreement In The United States?
A solid purchase agreement should clearly define the terms of the sale and have clauses that protect you from unforeseen issues. These may include:
- Representations and warranties: Confirms the aircraft’s condition.
- Title transfer: Specifies a date for the transfer of ownership.
- Inspection and acceptance: Ensures that you get to perform a prepurchase evaluation.
- Escrow arrangements: Secures the funds until all conditions are met.
Our aircraft transaction lawyers scrutinize every detail to ensure that your purchase agreement protects you completely.
How Can I Structure Aircraft Ownership To Minimize Liability And Taxes?
Strategic entity structure design reduces risk and saves money. We assist aircraft owners in selecting the right legal framework for each particular aircraft transaction. Forming a distinct limited liability company (LLC) or corporation can shield your personal assets, limiting liability if an accident occurs. We analyze your specific use and financial goals. Then, our aircraft transaction attorneys can recommend the optimal structure for your operations. In addition, we can implement proactive measures that provide long-term security.
What Are The FAA Compliance Requirements In An Average Aircraft Transaction?
The Federal Aviation Administration (FAA) governs every aircraft transaction. Its primary conditions for aircraft purchases and sales include:
- Submitting a Bill of Sale.
- Ensuring the aircraft is registered, or submitting an Aircraft Registration Application to the FAA Aircraft Registry in Oklahoma City.
- Completing a title and lien search.
- Submitting supporting documentation such as LLC statements.
- Obtaining an airworthiness certificate.
There are many moving parts and small details needed to remain in compliance with the FAA. Fortunately, we manage the entire process for you to prevent bureaucratic delays.
Take Control Of Your Transaction; Consult A Troy Aircraft Law Lawyer
We provide the sophisticated counsel you need for every aviation endeavor. Please contact our law office in Troy today to schedule a confidential consultation. To begin, please call or send us an email.