Private Car Sale Contract With Monthly Payments Template for Saudi Arabia

The Private Car Sale Contract With Monthly Payments is essential for transactions involving the sale of vehicles through installment payments in Saudi Arabia. This document is specifically designed to comply with Saudi Arabian civil law and Sharia principles, making it suitable for both private sellers and dealerships. It should be used whenever a vehicle is sold with payment spread over time rather than paid in full at purchase. The contract includes crucial elements such as vehicle specifications, payment schedule, ownership rights, maintenance obligations, and default procedures. It provides necessary legal protection for both parties while ensuring the transaction meets local regulatory requirements, including those set by the Saudi Arabian Monetary Authority (SAMA) and traffic authorities. The document is particularly important in the Saudi Arabian context where Islamic finance principles must be observed in installment sale arrangements.

1. Parties: Identification of the seller and buyer with full legal names, addresses, and national ID numbers

2. Background: Brief context of the sale transaction and the parties' intention to enter into an installment-based purchase agreement

3. Definitions: Key terms used throughout the agreement including 'Vehicle', 'Purchase Price', 'Installment Payment', etc.

4. Vehicle Details: Comprehensive description of the vehicle including make, model, year, color, VIN, mileage, and condition

5. Purchase Price and Payment Terms: Total purchase price, down payment, monthly installment amounts, and payment schedule in compliance with Sharia principles

6. Transfer of Ownership: Terms regarding when and how ownership transfers, including registration requirements and documentation

7. Seller's Representations and Warranties: Seller's guarantees regarding vehicle condition, ownership, and absence of liens

8. Buyer's Obligations: Buyer's responsibilities including insurance, maintenance, and usage restrictions until full payment

9. Default and Remedies: Consequences of payment default and available remedies for both parties

10. Governing Law and Jurisdiction: Confirmation of Saudi Arabian law application and jurisdiction for disputes