Ask a Lawyer and Get Answers to Your Legal Questions
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....