Many of our clients ask if they should hire an aviation lawyer to assist with their transaction contract. We strongly recommend this for a multitude of reasons. Purchase Contracts can be extremely detailed and complex, dealing with multiple international jurisdictions and tax implications. Hiring someone who is knowledgeable, trained, and insured to provide you with legal information and assistance allows you to feel more comfortable and secure with your transaction.
An aircraft sale or purchase involves so much more than just a willing buyer or seller. We often see transactions involving four or five different government regulatory bodies that bring their own complications to the deal. For example, a buyer may reside in one country, the seller in another, the inspection facility in a different country and the closing location in a fourth. Each country has their own tax implications, rules and requirements that could affect you as the buyer or seller. And since the financial crisis, governments have been frequently increasing regulation and tax on aircraft. This is where you aviation lawyer proves invaluable. They can advise you on the best way to minimize your legal responsibilities, including tax obligations, to these jurisdictions throughout your transaction.
While it is possible to do an aircraft deal without a lawyer, we find it smoother and less complicated when an aviation law firm is involved. It gives you a bit of protection during a process that can often be confusing and extremely detail oriented. Between the transaction knowledge and experience of your broker and your aviation lawyer, you can set your aircraft transaction up for success and alleviate a lot of the stress involved with international, large asset sales.
Blogs are written from real world experience by Colibri Aircraft’s individuals. If you have any questions or comments about the topic of this blog, please feel free to contact us at enquiries@colibriaircraft.com
