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FOR LEGALPRO54 My daughter is selling an airplane that she…

FOR LEGALPRO54 My daughter is selling...
FOR LEGALPRO54
My daughter is selling an airplane that she owns which is in Texas. She is in California. She's concerned about signing over the plane before getting the money and the buyer wants her to sign first, then he'll send the money. They tried a title company for aircraft, but it was only going to file the bill of sale. It would act as an escrow agent and handle the money for a extra $250 fee. My daughter thought they could split the fee and do that. The buyer said that he would put a clause in the contract that says that the sale is contingent on her receiving the money. Then the person in Texas would not hand over the keys until she says she has the money. Does that sound safe?
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Answered in 3 minutes by:
8/18/2017
LegalPro54
LegalPro54, Lawyer
Category: Legal
Satisfied Customers: 14,403
Experience: General practitioner with diverse legal experience.
Verified

Hi Marie,

That sounds like a proposal where things could go wrong, if you want my honest opinion. I would spend the money for the escrow agent. The cost must be small relative to the sale price of the plane, which I can only assume is substantial. This is what escrow agents are for.

If I can clarify anything at all for you, please do not hesitate to ask. It is my pleasure to assist you further if necessary....

LegalPro54
LegalPro54, Lawyer
Category: Legal
Satisfied Customers: 14,403
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