Airplane Co-Ownership Agreement: A Guide to Shared Ownership for Private Aircraft

For many people who love to fly, owning a private aircraft is a dream come true. However, buying and maintaining an aircraft can be expensive and time-consuming. One way to make private aircraft ownership more affordable and practical is by entering into an airplane co-ownership agreement with other like-minded individuals.

An airplane co-ownership agreement is a legal agreement between two or more parties who agree to share the responsibility and costs of owning and operating a private aircraft. The agreement outlines each co-owner`s share of the aircraft, the rights and responsibilities of each owner, and how expenses and maintenance will be handled.

If you`re considering entering into an airplane co-ownership agreement, there are a few things you should know.

Choosing Your Co-Owners

The most important decision you`ll make in a co-ownership agreement is choosing your co-owners. You`ll be sharing the responsibility of owning and operating the aircraft with these people, so it`s important to choose people you trust and who share your goals for the aircraft. Consider co-owning with family or close friends, or find potential co-owners through local aviation organizations.

Determining Each Co-Owner`s Share

Once you`ve chosen your co-owners, you`ll need to determine each person`s share of the aircraft. This can be done in a few different ways, depending on your goals and how you plan to use the aircraft. For example, you could split the ownership and costs evenly among all co-owners, or you could assign a greater share to someone who plans to use the aircraft more frequently.

Establishing Rules and Responsibilities

Your co-ownership agreement should clearly outline each co-owner`s rights and responsibilities. This can include who has access to the aircraft and when, how maintenance and repairs will be handled, how expenses will be split, and what happens if one co-owner wants to sell their share of the aircraft.

Hire a Lawyer

An airplane co-ownership agreement is a legal contract, so it`s important to hire a lawyer to help you draft and review the agreement. A lawyer experienced in aviation law can help ensure that the agreement is fair to all parties and that all legal requirements are met.

In conclusion, an airplane co-ownership agreement can be a great way to make private aircraft ownership more affordable and practical. Choose your co-owners carefully, determine each person`s share of the aircraft, establish clear rules and responsibilities, and hire a lawyer to help you draft and review the agreement. With these steps in place, you can enjoy the benefits of private aircraft ownership without breaking the bank.