Michigan Jet Purchase Attorneys Helping Clients Across The U.S. Soar
Acquiring an aircraft is a major business decision; the legal team you have to advise you can make or break the transaction.
Driggers, Schultz & Herbst is a premier aircraft purchase law firm located in the Detroit metro area. Our aviation law attorneys proudly handle complex aviation matters across the United States. When you need to protect your investment, you will find that our versatile legal team is well-equipped with proactive solutions.
The Initial Steps For Acquiring An Aircraft
The process of buying an aircraft is highly structured. It requires meticulous attention to detail. Our involvement starts early, when we meet with you to discuss your objectives. We guide you through all stages of the purchase, including:
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Determining the specifications for your desired aircraft.
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Drafting a document showing your intent to purchase. This document often takes the form of a letter of intent.
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Negotiating terms and conditions, including price and delivery.
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Establishing an escrow account to hold funds.
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Executing a comprehensive aircraft purchase agreement.
We secure all necessary documents early in the aircraft transactions to prevent unnecessary delays. Our goal is to facilitate smooth purchases and protect your investment.
How Should I Hold The Title To The Aircraft I Just Purchased?
The way you hold a title affects liability and tax implications. That is why we review your entire financial and corporate structure to help you select the best ownership option. Your options may include holding the title in a trust or a limited liability company. With our counsel, you can choose a title structure that serves your long-term business strategy.
What Should Be Included In The Letter Of Intent (LOI) And Purchase Agreement?
A strong letter of intent confirms your plan to purchase an aircraft and establishes a clear path to closing. The LOI should include:
- The proposed purchase price
- The deposit amount
- Expectations for inspections
- Conditions for delivery
The final purchase agreement should cover details such as:
- The final purchase price
- Details about the aircraft including the make, model, serial number and registration number
- Warranties
- Conditions of closing
- Transfer of title and registration
As jet purchase lawyers, drafting, reviewing and negotiating legally sound contracts is one of our strong suits. We make sure to include every protective clause applicable to shield you from unanticipated liabilities.
What Is The Role Of The Prepurchase Inspection And Who Pays For What?
The prepurchase inspection confirms the aircraft’s mechanical and airworthiness status before a purchase or sale. It usually includes a review of all technical reports and logbooks. We coordinate and oversee this entire process to ensure thorough jet purchase inspections. Both parties to the agreement can negotiate how to allocate the cost of inspections and repairs.
Consult Our Jet Purchase Lawyers Before You Buy
At Driggers, Schultz & Herbst, you will find sophisticated jet purchase attorneys who provide comprehensive legal counsel. We urge you to contact us today at or by using our online contact form to schedule an initial consultation.