Not sure it is going to help a whole lot in many cases. Lets say the seller misrepresents a lot and you are way in the hole on a $150K airplane. Only way to get any relief is to sue him, assuming the contract provides relief for that particular claim. You are looking at attorney fees well north of $25K to do that and it further assumes that the seller has enough cash laying around that is not judgement proof (homes, IRA's, etc.) to actually make good on the judgement. I would think that in most cases, you are better off eating the loss and paying for the repairs. This is not something that ends up with Judge Judy in small claims court.
Frankly, I would take the attorney money and invest it in the very best pre-buy available, as this minimizes your largest risk-a plane that has problems needing major repairs. Also spend $ on an escrow/title service, as this protects against your second largest risk - leins and invalid titles. These firms ensure that someone will not pop up and say you owe them $30K for an engine overhaul the seller never paid (research mechanic leins) or say it is their plane and not yours. A good contract STATES that the title is free and clear and indemnifies the buyer, but you have to sue the seller to make good on it and that costs a lot of $. A title service confirms for you that it actually is before $ moves. Big difference. THis is why your mortgage lender doesn't ask to see the contract, but instead demands a title service to protect their interest.
Contracts only work when the other party has resources available to cover breeches; Go to the Chap 11 section and see what is happening to Vans customers with deposit agreements. If the judgement you paid $25K to get against the seller pushed him into chapt 11, same thing happens to you. Also, contract disputes net far less relief than most customers think once the atty fees are subtracted.
