Transcript:

Ownership interests in large US aircraft and aircraft engines should be recorded not only with the FAA but also with the international registry, also known as the Cape Town Registry. Cape Town Registration is a fully online process where both the seller and the buyer must first register as so called transacting user entities, like setting up an online account but with a diligence process that takes several days to complete. Once this is done, they can register the passage of a legal interest from one to the other. Often a so called professional user entity assists with this process with each party granting that professional authority and then the professional being the one to record the interest.