AOPA Pilot Magazine - August 2019 - 112

NEWS & NOTES

MEMBER PRODUCTS AND SERVICES

AOPA FINANCE |

Adam Answers
Do I need title insurance?
BY ADAM MEREDITH
AO PA AV I AT I O N F I N A N C E

Q: I'm planning to purchase a used airplane in
the next six months. I've heard some owners talk
about not needing title insurance. Wouldn't this be
required by a lender? I'm familiar with title insurance for a home purchase, but what exactly are the
benefits of title insurance for an airplane purchase?
A: Surprisingly, no, many lenders do not currently
require title insurance on every transaction. Like
a home, your aircraft also has a title history, which
should be reviewed before buying. While most AOPA
members know the importance of this and perform a
title search prior to buying an aircraft, many may not
know there are numerous scenarios where a lien or
claim can end up in the FAA registry and/or otherwise "clouding" your ownership interest. By obtaining
title insurance, the title insurance company will
defend you legally against any bogus claims.
EMAIL adamanswers@aopa.org

AOPA PARTNERS

Aero-Space Reports celebrating 50 years

112 | AOPA PILOT August 2019

Contribute to the
challenge

You have until August 31 to help us
make our goal

DONATIONS TO THE AOPA FOUNDATION support You Can Fly pro-

grams such as the High School initiative, which reaches students
with aviation-based science, technology, engineering, and math
curricula.

THE LATE JAMES C. RAY believed that life skills are learned
through aviation, which prompted his visionary support of
AOPA's You Can Fly program to help get (and keep) more pilots
flying. His legacy lives on through the Ray Foundation's 2019
You Can Fly Challenge, which encourages other aviators to
offer their support.
Contribute to the challenge by August 31, 2019, and your
donation's impact will be doubled by the Ray Foundation's dollar-for-dollar matching grant of up to $2 million.
The You Can Fly program's high school curriculum is
inspiring the next generation of pilots and unmanned aircraft
professionals. To help improve the flight training experience,
we will be releasing a customer service course for flight schools.
We've helped start new flying clubs and supported existing clubs
to make flying more accessible, affordable, and enjoyable. And
our Rusty Pilots seminars have made it easier for lapsed pilots to
complete their flight review.
aopafoundation.org/challenge
"A key to the You Can Fly program's effectiveness is that
it supports pilots wherever they may be in their journey,
whether they're being introduced to general aviation, in
flight training, actively flying, or they need help getting back
into flying."
-Mark Baker, AOPA president

DAVID TULIS

Aero-Space Reports has been a leader in the
aviation title industry since 1969. They have a
dedicated escrow team that works exclusively
with AOPA members-helping AOPA members
close more than 1,500 escrow transactions
since 2012. Aero-Space Reports works with
AOPA Finance to ensure that each buyer and
seller experiences a high level of attention and
service throughout the escrow process. Acting
as the neutral escrow agent, Aero-Space
Reports will correspond with the many parties
involved in escrow and ensure that all parties are informed, protected, and satisfied with
each transaction. Aero-Space Reports offers a
10-percent discount on all escrow transactions
as well as a $65 savings on its aircraft title
package to AOPA members. The title search
package includes a title search, complete aircraft records, and accident/incident report-all
delivered via email within 24 hours on normal
business days.
aerospacereports.com

YOU CAN FLY |

http://www.aopafoundation.org/challenge http://www.aerospacereports.com

AOPA Pilot Magazine - August 2019

Table of Contents for the Digital Edition of AOPA Pilot Magazine - August 2019