The purchase of a commercial aircraft or private jet is one of those life goals we can all dream about.
Wouldn’t it be a shame though, if something were to cause the purchase to fall through?
Sadly, things can and do go wrong, and often because due diligence has not been followed. Without the assistance of an experienced Aviation Solicitor, there are risks surrounding this kind of transaction.
For instance, such trades occur across international borders, and between different national aviation registry authorities, so there can be lots of red tape and risks involved.
However, our Escrow service could help to minimise these risks.
Escrow is one way to give you peace of mind when purchasing aircraft.
Our Aviation Solicitors will do the legwork and make sure your transaction is carried out in a secure and efficient manner. We’ll mitigate the risks involved and manage things in a professional, neutral and knowledgeable way.
For initial legal advice get in touch with our Aviation Solicitors.
More information on Aviation Escrow Services
By acting as the third party, our Aviation Solicitors can give peace of mind to both the buyer and the seller of the aircraft. Our Escrow service gives you protection and simplicity with equal benefits to both parties.
From the aircraft buyer’s perspective, you’ll know that the funds are sat with a neutral third party.
For the aircraft seller, you’ll be safe in the knowledge that the funds do exist and are held in the safe hands of a neutral third party.
When you’re dealing in large sums of money, having peace of mind is crucial. Knowing your transaction is being managed by a professional will give you this peace of mind.
Why Should I Consider Aviation Escrow?
Once you decide to appoint a Simpson Millar Aviation Solicitor to act as Escrow, we’ll draw up an Escrow Agreement, outlining our responsibilities.
We’ll set out the entire transaction in an easy-to-follow document, giving you absolute clarity and transparency into the process.
On acceptance of this legal document, we will arrange for the deposit from the aircraft buyer to be paid into a designated account.
We’ll then request that the aircraft seller’s documents are sent to us and make any necessary checks before arranging for the balance of the payment to be paid by the purchaser into the designated account.
Finalising the deal will involve a series of checks and an inspection process, to ensure all documentation has been processed and verified. The aircraft is flown to the agreed delivery location.
The aircraft purchaser will then instruct us to close the sale. All checks have been made and everything is in order. The funds will then be remitted to the seller, and any specified debt on the aircraft repaid.
Our specialist Aviation Solicitors are recommended in the Legal 500 for their aviation expertise.
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