dogpilot wrote:When you pay with multiple just under 10K amounts, there is an actual legal term, something like patterning or some such term (neuron not making the connection). If you participate and he gets popped, you go down as an accessory. As mentioned, get some professional advice. There can be consequences. I asked once, was advised; Don't......

Sounds like what happened to Joe Stancil of Skywagons-R-Us fame.
He sold some airplanes to some south-of-the-border people, who paid them off in under-$10K installments.
Sounds like that was their thing, not his--
but he still got charged with money laundering, tax evasion, RICO act, & who knows what all anyway.
Personally I would run not walk away from this seller.
Just sounds too shady to me.

HAHAHAHAHA

I can't believe this stirred up so much concern.

Get him the cash and move on. I wouldn't pass up a nice airplane because of this.

Cash-OK if you don't get mugged.
A bunch of $9,999 money orders...no way.

If I wanted the plane, I would have NO issue using cashiers checks. If the seller is trying to screw the IRS, MORE POWER TO HIM!!

I have done some large cash transactions over the years. My bank told me their algorithms red flag an account when an account that doesn't normally have much cash deposits all of a sudden starts to. They said no specific amount. I was always under the impression 5 or 10K was the trigger.

When I bought the Maule I wanted to use some cash I had rat holed. The seller said absolutely not. (Broker) He had a bad experience with the IRS. Said selling for cash had triggered and audit and didn't want to do it again.

3 years ago when I sold my 08 Chev DuraMax, a guy from California wanted to meet me at KPDX on a Sunday and buy it for cash. I was worried about fake bills. I said we would have to wait for Monday and go to the bank. We ended up at the bank and he had the money wired to my account.

You got to be careful these days. Lots of crooks out there.

Cheers...Rob

To paraphrase others: "Anyone you could trust 80K with wouldn't be putting down these terms."

Update:

The seller understood our concerns and figured out a way we could go through escrow. We used AeroSpace Reports, and have been very happy with the services they provide. We closed the sale yesterday, and are looking forward to getting the plane ferried up here next week sometime, weather permitting.

Thanks to everyone who shared their knowledge & experiences.

Thanks for the update. I used AeroSpace to check for a lien last August. They did find a Security Agreement form 1990 that the owner did. How much was the escrow service total.

180Marty wrote:Thanks for the update. I used AeroSpace to check for a lien last August. They did find a Security Agreement form 1990 that the owner did. How much was the escrow service total.

Total cost of escrow was $600. Very good service, we'd use them again in a heartbeat.

Fantastic! Now tell us about the airplane!

It's a Maule, M5-180C. Pretty stoked to be bringing it home!

merrymunks wrote:It's a Maule, M5-180C. Pretty stoked to be bringing it home!

Good Choice! You are going to enjoy it!

Actually tried to buy 59R last year but you beat us to it! Not too many Maules on the West Coast as of yet, so far as I can tell.