The Car Ownership Agreement is a crucial legal document used in the United Arab Emirates to formalize and document the transfer of vehicle ownership between parties. This agreement is essential for both private and commercial vehicle sales in the UAE, ensuring compliance with Federal Law No. 21 of 1995 (Traffic Law) and relevant RTA regulations. It serves as a comprehensive record of the transaction, protecting both parties' interests by clearly stating the vehicle's details, sale conditions, and transfer procedures. The document is structured to meet UAE legal requirements for vehicle ownership transfer, including necessary provisions for registration, insurance, and warranty terms. It's particularly important given the UAE's specific requirements for vehicle documentation and the need for clear audit trails in ownership transfers.
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1. Parties: Identification and details of the seller and buyer, including full legal names, Emirates ID numbers, and contact information
2. Background: Brief context of the transaction and purpose of the agreement
3. Definitions: Key terms used throughout the agreement defined for clarity
4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, VIN, registration number, and current mileage
5. Purchase Price and Payment Terms: Agreed purchase price, payment method, and payment schedule if applicable
6. Transfer of Ownership: Process and obligations for transferring vehicle ownership through RTA or relevant authority
7. Seller's Representations and Warranties: Seller's declarations regarding vehicle condition, ownership, and absence of encumbrances
8. Buyer's Acknowledgments: Buyer's confirmation of vehicle inspection and acceptance of condition
9. Registration and Insurance: Requirements and responsibilities for vehicle registration and mandatory insurance
10. Handover Process: Details of physical vehicle handover, including timing and location
11. Governing Law and Jurisdiction: Specification of UAE law application and jurisdiction for disputes
1. Financing Terms: Required when the purchase involves bank financing or installment payments
2. Warranty Terms: Used when transferring remaining manufacturer warranty or offering additional warranty
3. Condition Report: Detailed when parties wish to document specific existing damage or wear
4. Trade-in Terms: Required when the transaction involves a vehicle trade-in
5. Power of Attorney: Needed when either party is acting through an authorized representative
6. Post-Sale Services: Include when the agreement covers additional services like maintenance packages
7. Export/Import Provisions: Required when the vehicle will be exported to another country
1. Schedule 1 - Vehicle Inspection Report: Detailed technical inspection report from authorized service center
2. Schedule 2 - Vehicle History Report: Documentation of vehicle's accident and service history
3. Schedule 3 - Payment Schedule: Detailed breakdown of payment terms if involving installments
4. Schedule 4 - Accessories List: Inventory of all accessories and extra features included in the sale
5. Schedule 5 - Handover Checklist: List of items and documents to be transferred with the vehicle
6. Appendix A - Required Documents: Copies of necessary documentation including Emirates IDs, existing registration, etc.
7. Appendix B - Photographs: Current dated photographs of the vehicle documenting its condition
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