PURCHASE AN AIRCRAFT
First and foremost, we at Owenair are independent of any particular aircraft manufacturer. This allows us to provide an unbiased approach to the buying process.
Secondly, it is essential that your particular requirements are determined. Questions such as, where you wish to fly? How many passengers will be frequently required to travel on the aircraft? What are the running costs of the category of aircraft that meets with your requirements?
A meeting to discuss requirements is usually most the convenient approach.
The outcome of the meeting will address your requirements, thus making it possible for us to ascertain the aircraft size and type required to complete the mission.
A selection such as light jet, midsized, large or long range aircraft will naturally have a direct impact on the budget required, which can typically range from below US $1m to over US$50m.
From the established requirement specification, Owenair would typically propose a number of candidate aircraft types that would suit your requirements.
Because Owenair are not affiliated with any particular aircraft manufacturer and, as such, our proposed solutions are based on aircraft merit in terms of price, operating cost, reliability, maintenance availability for the region and other considerations.
Owenair then sources a number of potential aircraft, either via the stock we have on our sales books, or via accessing a worldwide database.
If a specific aircraft model is required but is not available on the market, Owenair can also approach the aircraft owner directly to enquire about the possibility of discussions in regard to potential sale of the aircraft.
Once you have chosen an aircraft, Owenair then needs to remove the aircraft from the market - whilst a detailed review is conducted of the aircraft specifications. This entails the signing a letter of intent (LOI) agreeing to the basic purchase terms and price - which is normally accompanied with a 10% refundable deposit that is placed with our attorneys.
Thereafter, a formal Sales Contract stating the terms of the transaction is negotiated and signed between the parties – which may take up to 10 days to agree.
A pre-purchase inspection is then carried out at an independent maintenance facility or aircraft appraisal company. At the same time, the aircraft is presented to the banks for their consideration (should finance be required) supported by financial documentation from the purchaser.
When the aircraft has satisfactorily completed the pre-purchase inspection and the purchaser has confirmed technical acceptance of the aircraft, the deposit held with the attorney becomes non-refundable.
The buyer then has up to 10 days to complete the purchase, which means the completion of the sales and purchase contract and placing the balance of the money with the attorney.
When the buyer is completely satisfied, the title of the aircraft and the money are then exchanged by the attorney.
The aircraft now belongs to the buyer who is thereafter responsible for the aircraft insurance, maintenance and ongoing operations.
Owenair are involved throughout this process to ensure the smoothest possible transaction and transition to ownership.