Aircraft Bill of Sale – FAA Form 8050-2

I have received several calls on exactly how to fill out the Aircraft Bill of Sale Form – AC 8050-2.  Since this seems to be a problem with some Sellers, I decided to create this page to provide some ideas on how to proceed.
Please understand that I offer these ideas as a courtesy – I am not an attorney.  The information I am passing along is based on experience in the field.  If you have any concerns at all about the validity of this information, please consult an aviation attorney or contact the FAA for help in filling out this form.
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This bit of information was provided to me by Freida Hicks from Tennessee.  She needed information about how to fill out a Bill of Sale when the airplane was owned by 4 people and only 1 person was selling his ¼ share.  She was kind enough to send this information along to me when I couldn’t answer her question.  I hope you find it useful.
Freida asked the FAA:
I have a question on filling out an Aircraft Bill of Sale (Form 8050-2).  If 1/4 of the airplane is sold do I mark out where it says "Undersigned Owner of the Full Legal and Beneficial Title" and change it to "Undersigned 1/4 Owner of the Full and Legal Beneficial"?  Also, am I correct that only the person selling the 1/4 interest needs to sign the bill of sale?  It is not a corporation…just individuals.  Is there a place that the buyer signs?   Is the person selling the airplane required to notify FAA that his share is sold or is that up to the individual buying to notify FAA?
The FAA answered: 
Do not mark out anything and yes only the person selling their interest needs to sign the bill of sale.  The new owner will sign the application for registration.