In the past, life was much simpler — companies owned or chartered their planes. While there are now many opportunities to operate your aircraft, rental, charter, freehold or many ways to share ownership of aircraft. The main protagonons of these alternative schemes are acquisition costs, operating costs and legal and tax considerations. This article focuses on options for common ownership of aircraft, in the same way and their difference. The condominium is very similar to the condominium, each owner being a registered owner of an aircraft, but instead of one of the owners who operate the aircraft for all owners, each of the owners is responsible for the employment of its own pilots. As a general rule, in the case of co-ownership, the owners concerned will fly the aircraft independently of each other, hire a pilot or hire a management company, not only to fly the aircraft, but also to maintain it. In most countries, a condominium scheme is considered a common lease that is considered a common lease only if that provision is expressly created. Even the use of the term “common tenant” or co-tenant is not clear enough in most countries to create a common tenancy agreement, as people often use these terms in the non-technical sense to refer to a common tenancy agreement. Therefore, if you wish to create a common tenancy agreement for any reason, you must refer expressly to the right of reversion, in addition to the use of the terms common tenant or common rent. This agreement applies to any situation in which two or more persons share ownership and use of an aircraft for leisure or business activities. The occupancy agreement, in which only one owner uses the aircraft at the same time, has been concluded. The concept of condominiums is very simple.
There is nothing but two or more people who share responsibility for owning an aircraft. If you divide the cost of owning an aircraft among multiple owners, their costs decrease. The apparent simplicity of this agreement is one that attracts a number of aircraft owners to a condominium agreement. There are different types of co-ownership agreements. The most common one is called lease. The other general type of condominium is called common rent. In a joint tenancy agreement, co-owners are designated as tenants or roommates. In a common rent, they are called common tenants. Fractional OwnershipFractional ownership is a relatively new concept in which registered co-owners of an aircraft employ a management company to manage the aircraft and allow the management company to dry the replacement of aircraft leased between their air fleet.
When owners acquire a stake in an aircraft, it guarantees the owner a specified number of flying hours per year based on ownership shares. As part of this agreement, the management company defines pilot aptitude requirements and, in most cases, provides pilots and pays their salaries. However, the owner can provide a 24-hour notification to his own pilots. If an aircraft to which an owner is interested is not available to the owner at some point under the dry lease exchange agreement, the management company makes available another aircraft in the program.