Herman -
I started the LLC aircraft ownership thread for liability issues during ownership and operation of E-AB aircraft. The liability upon sale obviously is a different issue, but no less important.
Personally, I feel it is mandatory to require an exculpatory hold harmless agreement signed by the buyer. I've done this for planes, kits and parts. I believe the key is to make it such an uphill battle that even a 'shotgun lawsuit' type contingency attorney hoping to achieve some kind of a settlement to go away will pass on taking the case.
The agreement I use was drafted by my attorney with a LOT of my input. It clearly and repeatedly states the risks agreed to by the buyer and his/her heirs and assigns, requires buyer initials at each and every paragraph plus spousal agreement and signature (if applicable) as well. It is four pages of clear and unambiguous no recourse wording that leaves no doubt about the signatories intent.
Or, at least I hope it does....
Of course, should you get anything less than a warm, fuzzy feeling from a particular buyer when broaching the liability issue, you can always pass on that transaction.