Annexure for Car dvs

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Transcript of Annexure for Car dvs

Annexure AThis agreement between and Buyer and Seller has been done as Seller needs to make her mortgage payment before selling her car to the buyer.Buyer is willing to pay AED 21,000/- as initial downpayment to the buyer to proceed with the mortgage payment of seller.Seller agrees to make the mortgage payment on the same day or maximum by next working day after receiving the initial downpayment by the buyer.Seller will be able to obtain the NOC from her bank within One week from the date of first downpayment.After obtaining NOC from Bank, Seller will submit the NOC obtained from her bank and signed forms to the Buyer's bank i.e Dubai Islamic Bank for Auto Loan processing on the same day or maximum by next working day.Once the LPO from Buyer's Bank is obtained by Seller then on the same day or maximum by next working day both the parties will proceed for Buyer Registration Process.Once the buyer's bank issues cheque of AED 60,000/- to the seller then on the same day or maximum by next working day, Seller will issue back cheque of first downpayment i.e AED 21,000 and difference of agreed Car price(AED 56,000/-) and Loan amount which is AED 4,000/- to the buyer.So, total amount of AED 25,000/- will be returned to buyer by the seller failing to do which buyer can take legal action against the seller.Seller understands that the amount of AED 25,000 will be transferred back to buyer on the same day or by next working day after clearance of cheque issued by Buyer's Bank to seller.Incase of any of the timelines being not met, the agreement will be cancelled and the buyer will return the car to the seller and the seller will return back the complete downpayment to the buyer.