Piper Tomahawk: Fractional Ownership

[Jefferx]

Hello, I am a new pilot and i am looking to buying 1/4 share of a Piper Tomahawk from one of the partners who completed his pilots license.

Here is the informations i have
Total Time: 3300 hours
TBO about 800 left
New Prop, last month
Annual inspection last month

I Flew it yesterday and it seem to fly and run well (First flight so how much do i really know)

Its Priced at $6500

Concerns:
The partnership doesn't have a written agreement (Is this common?)

Anyway, does this sound like a good deal? Is there any other questions i should ask before a commit? is there like a simple Fractional ownership agreement i could ask to use? any advise?

Thanks,
Jeff

[yours2share]

I'm no expert in the light aircraft industry so I don't know what the common practice is here, but I do know a bit about fractional ownership. I would always advise people to discuss the sharing arrangment carefully before committing to buy and to have a written agreement covering the main issues.

There is lots of guidance on issues to consider on the yours2share website. We are currently working on a new fractional ownership trust deed/sharing agreement for light aircraft which should be available within about a month, but we have templates for boat shares which are fundamentally similar.

I hope the arrangement works well for you, with a little care at the outset, it should do.

[sternone]

The partnership doesn't have a written agreement (Is this common?)

no

Anyway, does this sound like a good deal?

no

Is there any other questions i should ask before a commit? is there like a simple Fractional ownership agreement i could ask to use? any advise?

if you do a fractional ownership make sure you know how to get out, i wouldn't do it never ever

don't do it, without written agreement you could be held individually reliable for all what goes wrong

[Denny of Oakland]

Since you are new here on the board thanks for asking the question. But before I give you the no bull answer I will asked you a couple of questions.

Are you married?
Do you own a home?
Would any of the other 3 be willing to have your baby?

If you answered yes to any of the above the answer is NO.

Now the rest of the answer, the Piper Tomahawk is a PA-38-112 type certificate date sheet No. A18S0 this is important to know because of the following:

PA-38-112 - all S/N:
(a.) The service life of the wing and associated structure has been established as 11,000 hours time-in-service (TIS).
(b.) The lower longitudinal trim springs, Piper P/N 37523 or 61916-2, have a life limit of 1,500 hours TIS.
(c.) The service life of the steel upper rudder hinge, Piper P/N 77610-03, has been established as 5,000 hours TIS.
PA-38-112 - S/N 38-78A0001 through 38-80A0198:
The service life of the forward fin spar attachment plate, Piper P/N 77553-05, has been established as 3,000 hours TIS.
PA-38-112 - S/N 38-81A0001 through 38-82A0101:
(a.) Aircraft not equipped with Piper Kit No. 764-421, the service life of the forward fin spar attachment plate, Piper P/N 77553-05, has been established as 3,000 hours TIS.
(b.) Aircraft equipped with Piper Kit No. 764-421, the service life of the forward fin spar attachment plate, Piper P/N 77553-05, has been established as 5,000 hours TIS.
PA-38-112 - S/N 38-82A0102 through 38-82A0122:
The service life of the forward fin spar attachment plate, Piper P/N 77553-05, has been established as 5,000 hours TIS.

So what is the total time on aircraft? Something to look in to before purchasing a Tomahawk. As this aircraft gains time its life span is shortened and so the price of the aircraft comes down until it times out then it’s a beer can with a N-number.

You mentioned the word “Fractional ownership”. Fractional ownership is a legal term used in the Code of Federal Regulation (CFR) Title 49 part 91 Subpart K. You may want to read Subpart K and make sure you really understand this, but I am sure this is not what you want. What you really want is to be a co-owner on the registration, which is why I would never recommend it. As a co-owner if one of the other pilots has an accident the other co-owners are at risk of losing everything.

So do you need a contract drawn up by an aviation lawyer, YES you do. For the price of $6,500 I would recommend you purchase it by yourself and don’t take the risk of some other pilot.

A written contract is the only way you can protect yourself, family, and anything worth something. I happened to write a book on aircraft pre-purchase and inspections and you can check it out on my web site at Welcome to StacheAir there is lots of other good aviation information on the site that may help you.

DO NOT put any money down on this aircraft with three other people. However if you make sure you have lots of liability insurance coverage. Talk to an aviation insurance broker and explain what you want to do and I am sure they will take a deep breath.

Sorry for the bad news been there done that lots of gray hair and experience now to know better.

[Salvatore61]

Agree with Denny. Best is to get a professional valuation of the aircraft and have them tell you what's remaining life on the a/c. This deal sound too complicated for the price of the plane.