This section is intended to offer an overview of what you should expect after
you close your loan with NPFS.
Documentation. NPFS submits the necessary FAA
documentation to the FAA for filing. NPFS will then copy and forward a complete
set of documents to the Buyer for their records, and conduct a post-sale title
search to verify proper title.
Follow-up
Title Report. A Follow-up title search will be conducted within 90 days
of close. Any discrepancies in filing by the FAA or closing process will be
found by this search. NPFS will work with the FAA (and Seller if necessary) to
amend any errors, and will ultimately issue an accurate title report to the
Buyer for the Buyer's records.
FAA
Registration
Temporary
Registration. The Closing documents will instruct the Buyer to retain
the "pink copy" of the FAA Registration (the Temporary Registration) in the
aircraft. It will typically take the FAA up to 90 days to record and issue the
Permanent Registration for the aircraft, which will be sent directly to the
address as reflected on the FAA Registration form.
International
Operations. The FAA regulations do not permit operations outside of the
United States without this Permanent Registration (i.e. to the Bahamas, Mexico
or Canada). In the event the Buyer needs to travel outside the United States
during this period of time, the Buyer should contact NPFS and we will request
that the FAA expedite the registration. In addition, the Buyer will need to
notify NPFS of any operations planned outside the US.
Insurance
International Operations. If the operator wishes
to take their aircraft out of the country for a short period of time, "War
Risks" insurance will be required, as well as verification of coverage in that
particular country. The Buyer will need to contact the insurance agent and NPFS
to ensure that this coverage is bound appropriately and verified prior to
departing US soil.
Renewals/ Changes. The Buyer will need to
remember to add the Bank as additional insured for the annual renewals. Buyer
should contact NPFS with any policy changes or renewal assistance.
Payments . The Buyer's "coupon book"
or statement should arrive within two weeks after closing. If on Auto debit,
the first payment will be deducted on the due date as indicated in the
documentation.
Additional Information. Buyer should
feel free to contact NPFS at any time with respect to payments, end-of-year
Amortization Schedules (and Principal and Interest allocations), insurance
changes, or title and registration issues.
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