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10 Easy Steps to Buying an Aircraft

Know the process before you start!
Follow our 10 Easy Steps…
The RAREAIR team will walk you through the entire process, but it always feels more satisfying if you understand it before you begin!
Every transaction follows the same basic path.
STEP 1: A Letter of Intent to Purchase (LOI), or a Registration of Interest is prepared and signed;
STEP 2: Once the seller has accepted the offer, a deposit (typically 15% of the offered price), is placed with the independent Title & Escrow agent.
STEP 3: The buyer's team then inspects the aircraft and the Technical Acceptance is signed.
STEP 4: The Sale/Purchase Agreement (SPA) is completed and signed.
STEP 5: The airplane is then prepared for delivery.
STEP 6: The balance of the purchase price (if still outstanding) and any fees is transferred to the Title & Escrow agent, together with any outstanding documentation.
STEP 7: THREE DAYS before the closing (payment and change of ownership), the Title & Escrow Agent is notified that the parties are ready and the time for the exchange is set. The Title & Escrow Agent confirms that ALL the documents are in place and the funds are available.
STEP 8: After the final inspection and the Buyer signs the Acceptance Certificate.
STEP 9: At the agreed time, the buyer faxes (or emails a scanned copy) the signed Acceptance Certificate to the Title & Escrow Agent who will then telephone the Buyer to confirm acceptance and telephone the Seller to confirm the sale.
STEP 10: If both are in agreement the title to the aircraft changed to reflect the buyer, and the funds are released to the seller.  

The process is very simple and designed to protect ALL parties.