But “how is where is” is a misleading expression. If a closet sold in an antique store has a sign saying “as it is,” it means, “What you see is what you get; There are problems that may not be solved, and even if they are, we will not solve them. But if you don`t buy a “big” jet, the sales contract should provide for the seller to deliver a flight-capable aircraft, equipped as advertised, and everything is working properly. It is only at closing that the buyer accepts the aircraft “as seen”, subject to a guarantee of ownership from the seller. One of the reasons for this is that you don`t want to take the time to negotiate a sales contract unless you have a deal. Most LOIs are never signed and never become contracts because the parties fail to agree on the purchase price and other important terms…
