An exclusive "Chain of Title" report is now part of the AOPA Service Corporation's Title and Escrow Service Comprehensive Plan, a grouping of services that help protect the buyer of a used aircraft. The enhancement adds the name and address of every U.S.-registered owner for an aircraft since it was manufactured and the date of each acquisition.
"A Chain of Title report helps assure a 'no surprises' purchase," said Karen Detert, AOPA senior vice president for products and services. "AOPA's Comprehensive Plan has always provided comprehensive information, but this additional report goes a step further by helping purchasers determine such things as the effect climate could have had on the aircraft they're considering."
In addition, the AOPA "Chain of Title" report can often help prospective purchasers determine the types of operations for which the aircraft was used and contact information for past owners, often useful for finding information missing from logbooks.
The "Comprehensive Plan" also includes a basic title search, a damage history report, and an airworthiness directives report. The plan saves AOPA members 15 percent over the cost of the services bought separately.
Aircraft purchase experts point out that a thorough title search is an essential part of any aircraft purchase and often uncovers recorded liens, mortgages, and security agreements that affect title to an aircraft. They add that an aircraft registration certificate issued by the Federal Aviation Administration is not a certificate of title and does nothing to protect ownership rights.
In addition to a basic title search and "Chain of Title" report, services included under the Comprehensive Plan help prospective owners avoid aircraft with unreported damage history or potentially expensive FAA airworthiness directives. Included in the Comprehensive Plan are:
AOPA Service Corporation also offers an escrow service that safeguards aircraft purchase deposits until all prepurchase inspections are complete and commitments made are met.
Last year, more than 10,000 aircraft purchasers used AOPA Service Corporation Title and Escrow services.
For more information, visit AOPA Service Corporation Title and Escrow Service or call 800/288-2519.
January 12, 2001