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Closing Checklist Overview

Once your application has been approved, it’s time to move to the contract phase of the closing. We know pilots love their checklists so we have provided one below which can also be downloaded here.

The quicker we can obtain these documents, the more smoothly the process will go, and the happier everyone is.

In addition to the loan documents sent to you by our Loan Coordinator, which will need to be printed out, signed and mailed back to our office, we also require the items below prior to closing. This is a guideline for a standard transaction. On occasion additional documents are required.

  • A valid, government issued, photo ID with legible signature for all parties to the loan
  • Insurance certificate with breach of warranty and loss payee coverages for the lender (requirements page will be provided)
  • Signed Log Book entries for the current annual inspection
  • Airframe and engine(s)
  • Including plane identifying information
  • Containing TSMOH
  • Photos of the plane
  • Interior
  • Exterior – with N# visible
  • Panel
  • Copy of signed purchase agreement
  • Signed by both buyer and seller
  • Can only be signed by a broker if there is a pass-through Bill of Sale from the seller to the broker and from the broker to the buyer
  • Pre-purchase inspection
  • Signed by inspecting mechanic with A&P #
  • Or a waiver signed by the buyer

Registrations in the name of an LLC or INC

All of the items above as well as:

  • IRS Document showing the legal name of the LLC and the Federal Tax ID #

  • Printout from the Secretary of State verifying the LLC or Inc is active and in good standing with the state

International Registry

(Aircraft transporting at least 8 persons and/or 550 hp engines and above)

  • Registration with the International Registry
  • Contract of Sale between buyer and seller (only applicable if the plane is already registered on the IR)
  • Interest registered by the lender

Seller’s Requirements

  • Send Dorr the seller’s name, number and email address so the title and escrow company can work with them on obtaining the following prior to closing:
  • Signed Bill of Sale (digital signature is accepted)
  • Original Lien release (if applicable)
  • Seller’s authorization to close with wiring instructions (if monies to go to the seller)
  • Clear title – no clouds

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Buying your first plane? Upgrading to a faster, sleeker machine? Looking to refinance your current loan for a better rate? Are you in need of an engine overhaul or some new avionics?

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