The path to private jet ownership can be a tumultuous one. Unlike buying a car or a motorcycle, the process necessary to buy a private jet requires more thought and preparation. Understanding the costs involved, the legal requirements, and the purchase process itself are critical steps to deciphering whether or not you are ready to buy a jet.
The costs of private jet ownership can sometimes surprise potential buyers. At the onset of the purchase process comes all the upfront costs required to buy a private jet. These costs include the aircraft itself, the sales tax, buyer fees, and licensing fees. This also includes fees such as inspection fees that can keep you from buying a potentially damaged or improperly working jet. Post purchase comes the recurring fees necessary to own a jet. Hangar fees, insurance, and regular maintenance can further increase the required yearly investment necessary to own a private jet. Lastly, any closing fees post the sale of the jet including seller fees and property transfer taxes must be considered for anyone looking to buy a jet that may not be their ultimate dream aircraft. Understanding these fees and the other hidden fees of private jet ownership is a crucial first step in the buying process.
When you buy a private jet, there are numerous legal requirements that must be upheld by the buyer. These requirements include aircraft registration, aircraft inspection records, and specialized aircraft ownership documentation. After you buy a jet, it is mandatory to have an approved inspection to be done that will be submitted to the regulatory agency involved. Any changes done to the aircraft, specifically in any of the crucial flight systems must be documented and records must be kept and submitted to ensure compliance is being met. Lastly, ensuring that the aircraft is up to date on its registration with the U.S. Federal Aviation Administration is a must.
To understand how to buy a jet, it is critical to understand the entire purchase process. Once you are ready to make the purchase you must find an approved broker or dealer that can help you find the jet you are looking for. Once you have found the jet you want, an official offer must be placed at which point the legal process of ensuring the jet is clean and clear for purchase begins. At this time, you will begin the process to make an official offer using a letter of intent. Once the offer is approved by both parties you are able to test the jet and have its pre-purchase inspection. When this process has been completed, the process of ownership and registration begins. Lastly, the aircraft is then assigned to you, the purchaser, and is transported to the storage location.
If you are looking to buy a private jet then let flyExclusive make your dream a reality. At flyExclusive we offer access to purchase one of our incredible aircraft from our citation fleet. Our experienced team is here to help you through each step of the purchase process and offer a variety of ownership models to suit your needs. If you are looking to buy a jet visit our website today or talk to one of our sales team members to learn more about fractional ownership opportunities.
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