FAA bill of sale

[Aerco]

I never bought an actual airplane and downloaded the appropriate FAA form 8050-2.

(You can see it here: http://forms.faa.gov/forms/ac8050-2.pdf)

Now, I always thought my command of English is more than average, despite it being my second language, but what the heck do I fill in the following lines on the form:

"AND TO ____________________EXECUTORS, ADMINISTRATORS, AND ASSIGNS TO HAVE AND TO HOLD
SINGULARLY THE SAID AIRCRAFT FOREVER, AND WARRANTS THE TITLE THEREOF:____________________

IN TESTIMONY WHEREOF_______________ HAVE SET____________ HAND AND SEAL _______THIS DAY OF____"

Ok I get the "THIS DAY OF___" part, but what language are they speaking? Pidgin English? Any idea what they want in the blank spaces?

[RRHaldeman]

"AND TO ____________________EXECUTORS, ADMINISTRATORS, AND ASSIGNS TO HAVE AND TO HOLD
SINGULARLY THE SAID AIRCRAFT FOREVER, AND WARRANTS THE TITLE THEREOF:____________________

IN TESTIMONY WHEREOF_______________ HAVE SET____________ HAND AND SEAL _______THIS DAY OF____"

If you sold the aircraft to a man, you would state:

"and to his executors, administrators, and assigns, to have and to hold singularly the said aircraft forever, and warrants the title thereof.

"In testimony whereof, I have set my and and seal this 11th day of
April, 2010."

We learned that from reading documents from the "common law of England."

[Aerco]

Ah, thanks a lot - it just looked like gobbledegook, or some kind of trick question. Gotta love legalspeak.

[WWhunter]

Yep, Looked like goobly gook to me too!!! Heck the planes I have bought were just done on a simpler FFA registration paper from what I remember. Friggin lawyers!!! My apologies to any lawyers on this board.
WW

[MikeB]

I noticed on the FAA bill of sale often when someone lists the price they put down ". $1.00 and other valuable considerations".

MikeB

[RRHaldeman]

"1.00 and other good and valuable consideration."
Again, this comes from the common law of England. Every promise, to be enforceable in a court of law had to be supported by "consideration" but neither the FAA nor any other snoopy individual needs to know the exact price you paid for the item (except a taxing authority) so the custom and practice evolved where you mentioned the $1.00 in many sales contracts.

[MikeB]

No wonder I have a hard time understanding. I'm 100% Norwegian (one grandfather Knute and the other Helfred). My wife is about 1/2 English though but that probably doesn't count. Both my brothers married Olsons but I screwed up the blood line on my side forever .
MikeB

[Captgrumps]

And you might have the seller give you another Bill of Sale ? to present to the tax assessor for Part and Papers--no reference to the face that they are asembled.

[joea]

I noticed on the FAA bill of sale often when someone lists the price they put down ". $1.00 and other valuable considerations".

MikeB

I always do this. The new owner can deal with the tax jerks as they see fit, but no need to screw the purchaser right off the bat by putting the entire purchase price there.