Buying a HangAr

[AR Dave]

Well it’s almost happening – I printed out a Bill of Sale and went to make the transaction. At the last moment I thought I’d check with the Court House and make sure all the taxes were up to date and etc.. Remember my buddy, who own’s the Hanger, went to jail and one of our other friends has been paying the taxes. NOT! I got over there and found it delinquent for 3-4 yrs. Hanger documentation had already been sent to the state and heading for the Auction Block. Anyway I got the paperwork, to pay the back taxes, sent it to jail (they won’t let me pay them), for a signature & to get Notarized, then he can write a check from the account I set up for him with my money. Anyway you know what I mean! Haha

Airport Property – so the property is leased, has 17 yrs left, with a 15 year lease option after that.
Have to pay Personal Property Tax & Airport Lease.
No Title – makes me nervous!

Is a Bill of Sale the typical method for transferring ownership of a hanger?
Purchase Agreement? Advice?

[jrenwick]

Dave,

Where I live, at least, six of the seven reliever airports around MSP are owned by the Metropolitan Airport Commission. We lease the land from them, but we own the hangar buildings. Hangars are not considered real estate, so there are no titles. When we buy someone's hangar, we have to get the lease transferred to the buyer's name, and a bill of sale is necessary (among other things) for the MAC to do that. The lease is effectively the real instrument of ownership.

There's nothing like having your own place! I hope you enjoy it a lot....

John

[hilltop170]

Dave-
Who gets the hangar at the end of the lease?

[GAHorn]

Dave-
Who gets the hangar at the end of the lease?

It depends....
...If it's still standing after we toss the "Hangar-Warming" party...

Congratulations (early?), Dave! Can you get a fuel-station permit also?

BTW- Now may not be the best time to avoid a lawyer's small fee, just for looking over the transaction.
(I've used the services of a friend who is a lawyer...and when things went poorly... for reasons of the personal friendship I couldn't sue him (collect on his practice-insurance) for malpractice. I've learned that when hiring lawyers, doctors, etc.. it's best to hire a professional and pay the invoice. The arm's-length professional relationship makes certain all the i's get dotted and T's get crossed. It's difficult to hold friends feet to the fire, unless they live on a large lake.)

[AR Dave]

I think that's very good advice, especially in this situation, George. I'd hate to find out there were leans or have the IRS come get it due to the owner's tax problems. Guess a Realestate Lawyer?

The airport (city) gets the hanger (if you leave it on the leased property) after the lease is done, unless they extend the lease. I wonder what it would cost to take it down and move it?

Thanks but lets don't celebrate yet - been working on this deal for a long time. But I just keep thinking it will be handy for friends passing through and fly-in's as well. OH I forgot - Tryston (my first born -22yrs old AND MARRIED) just informed us that I'm going to be a Grandfather! Well that was the deciding factor, they live near the airport, and I'll need that hanger for the coaching and training of that grandchild. It's 75 x 60 and one of those real tall buildings. However, I've got to kick a lot of people out - including his now ex wife and all her household belongings (junk) for starters.

[jlwild]

Dave,

My hangar, part of a 6 unit Condo. Assoc., in Georgetown, TX is on leased City owned airport land. When I bought my hangar bay, the title and hangar deed was handled by the title company and filed with the County. I pay taxes on the building and "deemed" value of the land. The 20 year land lease with the City has been extended once in the time I have owned it. Our current Condo. Assoc. lease, is renewable at City option. However, the City also has the option to purchase the Condo building at appraised value at the end of the lease. So far it has been a good investment. The lease is up in another +/- 8 years. We will see what the City does during the next lease negotiation. Land lease, taxes, insurance, electricity and water expenses average $50/mo.

In your case, I agree with others, get a Lawyer to handle the paper work. It could save you a big headache given the history of the hangar you are interested in.

[170C]

Dave, congratulations on the upcoming grandfatherhood I agree with the others that for a proposed purchase, such as this, its best to spend a bit of money on some legal work to make sure you don't end up spending a bunch more later or even losing a bunch. Good luck on this venture. Is this the hangar there at Russelville where you have been keeping your plane? As I recall that was a really nice one.

[GAHorn]

I... OH I forgot - Tryston (my first born -22yrs old AND MARRIED) just informed us that I'm going to be a Grandfather! ....

When Jamie and I heard our son Tracy (engineer) and his wife Kim (registered nurse) who already had a 5 year old daughter and 3 year old son.... thought their family was complete.... and over dinner announced their initial chagrin/surprise that they were again pregnant .... ... I nearly laughed all the way home from dinner at their house.

Jamie asked "What is so funny?"

I told her, "Isn't it a wonderful discovery/confirmation/surprising-way to be re-assured Tracy and Kim still get-along well with each-other?"

DOUBLE CONTRATULATIONS, Dave!

[AR Dave]

Yes this is the Hanger we've been in since the move from Alaska. I'm spoiled now!

Insurance - another step I'll have to deal with. It never ends - hey but we finally finished 1 of the 2 rent houses, we've been remodeling for a year. And Dakota already scored a 28 on the ACT exam (10th grade). Unfortunately he's eating that saved college money up though!

[GAHorn]

Kim gave birth to that child in her family 1840's farmhouse, in her great great grandmother's bed. She had asked Jamie to come spend the night to help. All night long a mockingbird sang outside the bedroom window during the labor, and when the child was born, she was named Ava (bird).... Ava Caroline.

The child is now 3 and we took her for her first airplane ride last month to the TX 170 Fly In. She kept her face pressed to the window, fascinated by the landscape, ...until I asked if she liked flying:

Ava s First Flight.jpg

Ava s First Flight Happy.jpg

[GAHorn]

By the way, ARDave... here is a "Hanger"

Hanger.jpg

Here is a HangAR similAR to one you might find in AR:

MVC-001S.JPG

(I sometimes misspell it two !)

[flyguy]

By the way, ARHere is a HangAR similAR to one you might find in AR:

MVC-001S.JPG

AN ONA FRONT - -THEMSA DOAR THAT RAZERS UP BUT WACH OUT FER FALLIN OBJEKS IFN WORKINUNER UNSKIL SLINGERS

[johneeb]

By the way, ARDave... here is a "Hanger"

Hanger.jpg

Here is a HangAR similAR to one you might find in AR:

MVC-001S.JPG

(I sometimes misspell it two !)

ARDave here is your chance to go for the jugular, the spelling nazi misspelled two!

[GAHorn]

...AN ONA FRONT - -THEMSA DOAR THAT RAZERS UP BUT WACH OUT FER FALLIN OBJEKS IFN WORKINUNER UNSKIL SLINGERS

Will yew ever git tarred uv complanein 'bout whut hapens when you stan unner a 25-foot/275 pound BEAM thet iz bein lifeted UP OVURHED by HAND by two fellers grunt'n and groan'n whle standin' on ladders 'n' scaffolds while YEW stand unnerneath givin' all kinds of usless adivce.... YEW SHOUDA KNOWN thet 275-lb BEAMS FALL @ the rate of akselleratun-of-gravit y (lessee... ought times ought 'n' carry thuh three to the 7th power is...) Weellll YEW SHUDDA KNOWN thet thing was a gonna HURT when it falls 14-feet an' hit yew on the HIP!

25-foot times 11 lbs per ft = 275 times celeration of gravy equuls... OUCH! (But folks, there ain't NO WAY he should still be compainin'... because it HIT HIM on the HIP.... the one he replaced the next year in the horsespittal after the FIREMAN (ex-spurt ladder person) FELL OFF A LADDER !

THAT hip isn't even AROUN' ENNY- MORe! QUIT WHINNIN' !

Hanson Beam.JPG

[AR Dave]

Thanks Johneeb - but I doubt that catch will help his humbleness. C'mon George even I know how to spell too!

I asked a co-pilot about the ar vs er in Hangar - and after considerable deliberation we both came to the conclusion that it was misspelled in the forum. He's been helping me with the Hangar legal work.