February 25, 2010
By AOPA Member Products staff
No matter what your paperwork and document needs when you are buying (or selling) an airplane, AOPA’s partner—AIC Title Service—can help you. What documents are needed and what procedures must be followed can be confusing and frustrating— especially if this is your first airplane purchase. Here are some of the services AIC Title Service offers:
Title searches can be ordered online, 24 hours a day, seven days a week, from around the world. A typical title search is delivered within 48 hours; however same day service is available for an additional fee. A title search can be viewed online, via a secure web link for you to download, print, or save it. AIC Title Service can offer a quick turn-around because all relevant FAA documents are automatically uploaded into the company’s secure server.
With AIC’s automated escrow service, Escrow Tracker, you can use the company as a neutral third party to hold documents and monies until closing and track the status of the transaction in real time. AIC coordinates with the buyer, seller, broker, lender, and attorneys. During an escrow, AIC can provide the title search, all document filings, title insurance, international registry compliance, LLC verification from the FAA, filing of security agreements, release of funds, and distribution of closing statements.
On the day of closing, you will receive a digital closing statement, via web link, with all relevant documents attached. The complete escrow file will include all correspondence received by us, such as e-mail, fax, and telephone messages.
AIC also offers Document Tracker, which notifies you when the company has received a document, filed it with the FAA, and when the FAA has recorded it. The company’s lien clearance department offers the service.
Want to check it out? Information is presented in easy-to-understand language, so visit on-line at www.aopa.org/info/aic to learn more about how AOPA Title Services can ensure a smooth take off for your aircraft purchase.
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