Light-Sport Aircraft Yahoo group Question

I just bought a Quicksilver "ultralight", the owner had it registered experimental and it had an N-number. He did this because it was a little over-weight, the weight is the only thing that makes it non-part 103. My question is, do I legally have to notify the FAA and let them know I purchased this aircraft? I already took the data plate and N-numbers off of the plane as I plan to fly it as an ultralight. I just want to be sure that the previous owner is "off the hook" so to speak as being responsible for the plane.

Thanks,
Eric

------------------------------------

Yahoo! Groups Links

<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/Sport_Aircraft/

<*> Your email settings:
Individual Email | Traditional

<*> To change settings online go to:
http://groups.yahoo.com/group/Sport_Aircraft/join
(Yahoo! ID required)

<*> To change settings via email:
mailto:Sport_Aircraft-digest@yahoogroups.com
mailto:Sport_Aircraft-fullfeatured@yahoogroups.com

<*> To unsubscribe from this group, send an email to:
Sport_Aircraft-unsubscribe@yahoogroups.com

<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/