The Down Payment Agreement For Car is a essential document used in the United Arab Emirates when initiating a vehicle purchase transaction that involves an initial payment prior to full purchase completion. This agreement becomes necessary when a buyer commits to purchasing a vehicle but needs to formalize the down payment arrangement, whether dealing with a dealership or private seller. It includes crucial details such as vehicle specifications, payment terms, conditions for refund or forfeiture, and subsequent purchase completion requirements. The document ensures compliance with UAE federal laws, including consumer protection regulations and Central Bank requirements for vehicle financing. It serves as a protective mechanism for both parties, clearly defining their rights and obligations during the period between down payment and final purchase completion.
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Down Payment Agreement For Car
I need a Down Payment Agreement For Car for a private sale of my Mercedes-Benz GLE 450, where the buyer will pay a 20% down payment of AED 50,000 by March 15, 2025, with the remainder to be paid within 30 days.
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1. Parties: Identification of the seller (dealer/individual) and buyer with full legal names, addresses, and relevant identification numbers
2. Background: Brief context of the transaction and purpose of the agreement
3. Definitions: Key terms used throughout the agreement including 'Down Payment', 'Purchase Price', 'Vehicle', etc.
4. Vehicle Details: Complete description of the vehicle including make, model, year, VIN, color, and current mileage
5. Purchase Price and Payment Terms: Total purchase price, down payment amount, and payment schedule for the remaining balance
6. Down Payment Terms: Specific details about the down payment, including amount, payment method, and due date
7. Conditions for Return or Forfeiture: Circumstances under which the down payment may be refunded or forfeited
8. Vehicle Delivery Terms: Conditions and timeline for vehicle delivery after down payment
9. Representations and Warranties: Statements about the vehicle's condition and seller's authority to sell
10. Default and Remedies: Consequences of default by either party and available remedies
11. Governing Law and Jurisdiction: Specification of UAE law as governing law and relevant jurisdiction
12. Execution: Signature blocks and execution requirements
1. Trade-In Details: Used when there is a trade-in vehicle involved in the transaction
2. Insurance Requirements: Included when specific insurance requirements need to be met before delivery
3. Financing Contingency: Added when the purchase is contingent on buyer obtaining financing
4. Vehicle Modifications: Included when pre-delivery modifications are agreed upon
5. Extended Warranty: Used when an extended warranty is being purchased
6. Registration and Transfer Costs: Added when there's a need to specify responsibility for registration fees and transfer costs
1. Schedule A - Vehicle Specification: Detailed technical specifications and features of the vehicle
2. Schedule B - Payment Schedule: Detailed breakdown of payment terms including dates and amounts
3. Schedule C - Vehicle Inspection Report: Current condition report and any existing damage or issues
4. Appendix 1 - Required Documents: List of documents required for vehicle transfer and registration
5. Appendix 2 - Warranty Terms: Details of manufacturer's warranty or extended warranty terms if applicable
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