Selling an EAB GYRO

Sv.grainne

Super Member
Joined
Jan 14, 2020
Messages
2,493
Location
Kerrville, Texas
Aircraft
Aviomania G1sB Genesis: Trained in: MTO 2017/Magni M-16/Tango-2
I'm curious what the process would be if I decided to sell my EAB Gyro.

Bobby
 
Does it have an VALID Airworthiness Certificate, up to date registration and current annual Condition insp? I'm guessing it does.
You must keep your registration form and send it back as explained on the back. You must sign an FAA Bill of Sale and Registration form over to him. He will mail in the forms and $ .
REMEMBER to send the Registration card back to Oklahoma City as explained, that helps to relieve you as it will be marked as SOLD on the FAA registration web site. You might want to give him a regular Bill of Sale, I don't know why, but it won't hurt. The Amount of the sale can be made up and it might help him a lot since he will have to pay tax on the amount. That's all I can think of right now!
Tommy
 
The FAA bill of sale is adequate for the FAA's purposes but the absolute minimum legally. You will probably want a sale agreement that sets out or rejects any warranties, any escrow terms, delivery arrangements, documents included, trailer if any, and so on.

Warning about using fake low declared values: that can be criminal tax fraud under state law if you don't give the real price. There has been a recent high profile multi-hundred million dollar litigation on loan inflated and/or tax undervalued assets you might have noticed on the news (ahem) and you probably don't want to go there personally.
 
Just to plug a good company here Aerospace reports can probably walk you through the process and assist with any documentation including rapid filing (they have people that work at the FAA in OK and expedite their orders, usually under 24 hours).

I used them when I did my registration because when I did the normal mail in procedure i didn't hear anything back for 6 months. Called the FAA they said based on backlog it would be another 6 months.

Called aerospace reports, paid $200 and had my temp certificate for the n number I requested emailed to me that afternoon.

 
I have used Aerospace twice and wouldn’t do it any other way.
 
Thanks for the info. Assume that once an EAB machine is sold then annuals would have to be performed by a certified A&P?
 
Thanks for the info. Assume that once an EAB machine is sold then annuals would have to be performed by a certified A&P?
Yes.

Also, on the FAA sale form, for price one can write "$1 + OVC" (Other Valuable Consideration) to avoid disclosing on record the sale price.

WaspAir's admonition about not faking a lower sale price to reduce the buyer's tax is spot on.
 
Thanks for the info. Assume that once an EAB machine is sold then annuals would have to be performed by a certified A&P?
Yes, unless the person holding the repairman certificate does the inspection
 
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