It is especially important to be aware of fraudulent buyers when selling an aircraft. Just like in every industry, there are people actively trying to steal your assets, titles, or attempting other malicious avenues. Do your due diligence, we highly suggest seeking out forms of background checks for your buyer.
Validate their profile, check to see if your buyer has a presence on social media, review their history, and verify their pilot certifications in the public FAA database. Validate your buyer’s occupation, oftentimes employers are perfectly fine with confirming an individual’s place of work. Any indication that something does not check out or seem right is worth getting a second opinion from a dealer or a broker.
Transferring of Funds
Cash is one of the worst methods to sell an aircraft because it is not documentable especially in the eyes of the IRS. We highly recommend doing a bank wire transfer so the funds are sent and validated immediately. Beware of check frauds and other