Buying a Private Jet
Buying a Private Jet



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Course Description

This program was recorded on August 29, 2018

Have you ever secretly or even no so secretly wanted to fly on a private jet? How about the idea owning and operating one? Have you ever asked yourself what it is like to travel by modern time machine in the present? In this presentation, you will learn how to advise clients on the purchase of private aircraft and many of the unique legal considerations associated with the process.

Attorney Forrest OwensForrest Owens
Before forming Aviation Legal Counsel, Mr. Owens spent over ten years focused on aviation related legal matters with boutique firms. Mr. Owens has acted as counsel in the purchase and sale of hundreds of aircraft transactions ranging from experimental home-built aircraft to Gulfstream 550 aircraft. Mr. Owens has worked with every major manufacturer of turbine powered corporate aircraft. Mr. Owens has also been involved in the merger and acquisition of many aviation related businesses.Mr. Owens practice concentrates on aircraft and aviation related transactions, cross-border transactions, airman defense before the FAA and Department of Transportation, airport real estate and land use, and civil litigation. Mr. Owens formed Aviation Legal Counsel in 2017.

Contact Forrest Owens

2 General Credits

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  1. Who Buys Private Aircraft?
  2. How are they utilized?
  3. Why are private aircraft necessary?
  4. What parties are generally involved in an aircraft purchase/sale?
    1. Purchasers
    2. Sellers
    3. Brokers
    4. Lenders
    5. Attorneys
    6. Escrow Companies
    7. Maintenance Facilities
    8. Technical Representatives
    9. Pilots
  5. Identifying the Right Private Jet and Ownership Structure
    1. Ownership as an individual
    2. Ownership through an LLC or S-Corp.
    3. Co-Ownership or Partnerships
    4. Ownership through a Trust for non-Citizens of the United States
    5. Ownership through registrations of convenience
  6. Phases of the Transaction
    1. The Letter of Intent
    2. To borrow or pay cash…why does it matter?
    3. The Purchase Agreement
    4. Necessary Terms
    5. Unique Considerations such as state sales tax
    6. Special Representations and Warranties
    7. The International Registry of Mobile Assets
    8. Scope and Detail of the Pre-Buy Inspection
    9. Closing and how Oklahoma escrow companies fit in
    10. Operating Arrangements
    11. Will operations be strictly private or will charter be involved?
    12. Who will manage the aircraft?
    13. Will the aircraft be owner flown or professionally flown?
    14. Fractional Programs
    15. Commercial vs. Non-Commercial Operations
  7. Common Areas of Dispute
    1. Maintenance
    2. Management Arrangements
    3. Certain models of aircraft
    4. Anything Old
  8. Recent Developments
    1. 2017 Tax Bill
    2. ADS-B Out Considerations
    3. Pilot Shortage