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Limiting liability on sale of Homebuilt airplane

 
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stevagemail-starduster



Joined: 22 Oct 2008
Posts: 6
Location: Erie, CO

PostPosted: Wed Jan 28, 2009 8:16 pm    Post subject: Limiting liability on sale of Homebuilt airplane Reply with quote

I acquired a Starduster SA-100 that turned out to have a bent crankshaft despite a recent overhaul. This was discovered toward the end of the process to get the plane flying again. I can't afford a new rebuild and am now hoping to cut my losses to sell the plane, but I am afraid of the liability that could come with selling it.

Should I de-register it with the FAA to sell it as simply as de-registered or perhaps as "parts"? Would that cause serious problems for a potential buyer that would have difficulty getting it re-registered?

Should I sell it with a liability-excluding statement?

I'd appreciate any insight anyone may have. Thanks,

Steve
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ronpenrose



Joined: 22 Sep 2009
Posts: 2
Location: Prairie Village, KS

PostPosted: Thu Sep 24, 2009 6:54 pm    Post subject: Reply with quote

Based on folks I have talked to regarding same question, it appears that ultimately there is no sure fire mitigating things you can do. Even if you have someone sign a statement ther is nothing preventing them from sueing you. Best advice I seemed to have received is join EAA. As part of your membership, you have free access to litigation attorney's who will help you defedn yourself if some does sue. On the lighter side, an experienced fellow experimental owner recently told me that those kind of law sutes are highly rare. I'm in the same boat as you. I have sold one experimental and just hope for the best. Hope this helps.
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Ron
Hatz CB-1 Owner
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