Michigan Aircraft Purchase Agreement Lawyers For Nationwide Deals
Completing an aircraft transaction is a momentous business opportunity. It requires careful legal structuring from the beginning. Partnering with Driggers, Schultz & Herbst means that you have an established aviation law firm dedicated to protecting your investment.
We are based in the greater Detroit area and serve clients not only in Michigan but also across the United States. Our firm has one of only two attorneys in the country who is board-certified in aviation law out of state (Florida). When it comes to purchase and sales agreements, you can rely on our team to draft, review and negotiate comprehensive documents that protect your interests.
A Detailed Overview Of Purchase And Sales Agreements
Purchase and sale agreements are the core of any aircraft transaction. In addition to defining all rights and responsibilities, they formalize the details of aircraft and jet purchases.
- Aircraft purchase agreements: Defines the specific conditions under which the buyer agrees to buy the aircraft. It covers items such as warranties, indemnities and inspection rights.
- Sales agreements: Defines the specific conditions under which the seller agrees to transfer title. It addresses important jet sale legal requirements, including the transfer of ownership documents and logbooks.
We ensure the terms protect you fully, whether you are buying or selling. Our aircraft purchase agreement attorneys work closely with aircraft brokers and financiers throughout the negotiation phase. They draw from their deep understanding of business law to achieve practical solutions and establish clear closing procedures.
What Are The Main Details Of A Prepurchase Inspection And Who Pays For It?
The prepurchase inspection allows the buyer to confirm the aircraft’s condition. The contract defines the inspection scope, location and timing. Generally, the buyer pays for the inspection. However, the parties can negotiate how to share the costs of inspections as well as repairs. Our aviation lawyers draft contract language that clearly allocates these financial details to prevent disputes.
What Are The Seller’s Obligations If The Buyer Finds Discrepancies?
The contract specifies what constitutes a discrepancy. This includes noncompliance with agreed-upon maintenance, status or airworthiness. The aircraft purchase agreement attorneys at our firm draft clear seller obligations. These often require the seller to cure discrepancies or allow the buyer to terminate the aircraft transaction.
Do You Recommend A Letter Of Intent (LOI) And What Should It Include?
We strongly recommend using an LOI. It outlines the preliminary framework for the deal. We use the LOI to establish good faith and secure exclusivity for the buyer. Since the documents are nonbinding, we can focus on the definitive sales agreements later.
Secure Your Transaction With Qualified Aviation Law Attorneys
We are trusted aircraft purchase agreement attorneys ready to work for you. We provide the meticulous legal review required for successful jet purchase transactions. To schedule an initial consultation, please call our Troy law office at or send us an email today.