1. To be transferrable for private ownership, it must have been made before May 19, 1986.
2. You must live in one of the civilized states that permit machinegun ownership.
3. Individual ownership does require a law enforcement signature, vertifying there is no state or local law that would prohibit ownership. It may be signed by the Chief of Police, Sheriff where you reside, or The Head of the State Police or a District Attorney. It IS NOT a permission slip ! They MUST review your application and sign it unless they supply you a lawful reason for ownership. The best reason to state on the transfer is INVESTMENT.
4. You pay in advance for the machinegun and the serial number is listed on the form.
5. After LE sign off, your Class 3 dealer signs it, you attach 2 Passport photos and 2 sets of FBI finger-print cards and your $ 200 .
6. You wait an average of 3 months from then to get approval.
7. Approval for transfer comes back to the dealer and he calls you to come & get your machinegun.
8. The exception to the LE signature is IF you have an LLC or Corporation to register the machinegun to, a LE signature is not required. These are faster and get done in 30 to 45 days.
Basically, if you can pass a NICS check and are in a legal state, you are all set.
Hope that solves some of the mystery about machineguns !