An aircraft bill of sale is a document describing the sale of an airplane, including its cost, manufacturing information and information about the buyer or buyers. This is an FAA document, and its accuracy is very important.
The dollar sign on the bill of sale denotes exactly how much the plane is being sold for. Sellers can be either specific or vague in this section by giving either a specific dollar figure or something as low as "$1" followed by "OVC," which stands for "other valuable considerations" that offset the low dollar amount.
The completed bill of sale must have all of the airplane's manufacturing information. This includes its U.S. registration number, its manufacturer name and model number, and its serial number. These numbers should accurately reflect the aircraft registration documentation, including dashes or letters as part of the plane's serial number.
The document must contain the name and address of the person buying the plane. The required format is to write the last name followed by the first name and middle initial, as well as the physical address of the buyer.
The bottom of the form includes official information about the transfer of ownership from seller to buyer. It is important that correct pronouns be used in this section and that all documented plane owners sign as sellers on the document.