Unexpected FAA entanglement

[texas_pilot]

I just sold my Cherokee locally and she's coming out fully restored.
I got a call from my bank the following day, the problem is previous transactions weren't cleared with the FAA.
My bank had to go back 25 years for 2 notes filed with the FAA, but not cleared final payment.
Poor banker spent 2 weeks dealing with defunct banks and deceased owners.
Kudos he got it cleared up, cause I paid debts and couldn't refund any money.
The buyer was cool throughout.

 

[MidlifeFlyer]

Fortunately, most of these can get cleared. I agree- Kudos to your bank for stepping up. This could have been a big problem. Your buyer was very patient, but, if it was not cleared, would have provided a great lesson on the importance of an escrow even in small sales.

 

[mrivc211]

The title company I used found a note due on my plane that I bought in April. The note was from 1985. They attempted to contact the owners but they were deceased so I went thru with the sale. I did however negotiate a discount of $5,000 after I discovered the note and was not notified prior to making an offer.

 

[Richman]

This is were having a quality escrow company pays for itself. When I bought the Bonanza, the escrow company found 2 unreleased liens. Same deal, dead owners and dead/merged banks. They did some magic and it all went away.

Having a company local to the Feds in OKC helps a ton.

 

[Nark]

Aero Reports has been good to me. I recommend their escrow services.

 

[coa]

I recommend Aero Reports as well. Have used them in the past for title and escrow. They are located in OK and are with Bank of Oklahoma. Their fee was reasonable ($600 I think).

 

[SlumTodd_Millionaire]

Love Aero Reports! They do my annual international registration, too.

 

[Nark]

I think the cost is based on the escrow amount. The reports are $100+ with AOPA discount. Somewhere in there.
I think the last two times I used them it was around $550.