The term joint tenant with the right of survivorship (JTWROS) refers to a legal ownership structure in which two or more parties share in the ownership of an asset, like an aircraft.
Most used aircraft are sold “as is, where is.” There are two types of warranties in the typical aircraft transaction, implied warranties and express warranties.
Sales and use tax is a critical (read: inevitable) component of any aircraft purchase. While you can’t do away with the tax liability, you can certainly plan and prepare for it.
In aircraft purchase/sales transactions, there are considerable financial and legal risks for both the buyer and seller. This document is provided as a general guide to preparing an aircraft purchase/sales agreement.
