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New Mou-1

This memorandum of understanding refers to the sale of villa number 162 in the Chorisia community of Al Barari for AED 6.35 million from Mr. Abdallah mohammmad ibrahim to Mr. Jackie Kartar Bhagnani. The buyer agrees to pay a 10% deposit held by RK Property and the seller agrees to pay a 10% deposit held by Driven Properties. Both parties agree to close the deal by January 10, 2021 and any disputes will be settled through arbitration in Dubai according to UAE law.

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Inder bhagnani
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548 views2 pages

New Mou-1

This memorandum of understanding refers to the sale of villa number 162 in the Chorisia community of Al Barari for AED 6.35 million from Mr. Abdallah mohammmad ibrahim to Mr. Jackie Kartar Bhagnani. The buyer agrees to pay a 10% deposit held by RK Property and the seller agrees to pay a 10% deposit held by Driven Properties. Both parties agree to close the deal by January 10, 2021 and any disputes will be settled through arbitration in Dubai according to UAE law.

Uploaded by

Inder bhagnani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Memorandum of understanding referred to as “MOU“ Chorisia villa number 162.

Mr.Abdallah mohammmad ibrahim holding passport number #Q227865.


Referring to as a “Seller”. ( REPRESENTED BY DRIVEN PROPERTIES LLC, TL 677961).

And

Mr. Jackie Kartar Bhagnani, holding passport number #Z3796440.


referring to as a “buyer”. (REPRESENTED BY RK PROPERTY REAL ESTATE BROKER, TL
675340)

Property details:

Location: AL BARARI.
Community: CHORISIA- Phase 1
Plot: Plot BA-R-162, Wadih Al Safa 3 Dubai, UAE
Villa number: Unit BA-R-162 right Villa Residences
No of bedrooms: 5bedrooms.

Developer: Al Barari Real Estate LLC

1) Subject to the execution of a sale and purchase agreement between buyer and
the developer and the issuance of a transfer or cancelation document from the
developer with respect to the seller immediately following the signature of this
MOU, the buyer agrees to purchase, and the seller agrees to sell the above-
mentioned plot and villa for AED 6.35 million net of Value-Added Tax.
2) The Seller agrees to pay all the charges pertaining to transfer this property in
the developer’s office.
3) The buyer agrees to pay the Dubai Land Department transfer fees 4%.
4) The buyer agrees to pay Driven Properties: AED63500+ Tax representing
brokerage fees.
5) The buyer agrees to pay the purchase price as follows:
(i) One manager’s cheque in the amount of AED exclusive of VAT to the
seller representing: 959288AED (premium) +
- 30% of AED 5,390,712 being the amount previously paid by the seller
to the developer; and
- the difference between the purchase price and AED 5,390,712 being
the seller’s sale premium.
(ii) AED 3,773,496 to the developer being 70% of AED 5,390,712.
6) All above mentioned payments are to be made on the day of the transfer.
7) The seller confirms to sell the plot and villa for a purchase price of
AED6.35million.
8) Both the parties agree to close the deal on or before 10th January 2021.
9) The buyer agrees to give a 10% deposit chq (AED635,000), held by RK PROPERTY
REAL ESTATE.
In the event buyer fails to complete the deal, the deposit will be forfeited
(deducting 2% commission for the brokers).
10) The seller agrees to give a 10% deposit chq, which will be held by Driven
properties LLC. If the seller fails to complete the deal, 10% deposit (AED635,000)
will be paid to the buyer (deducting 2% commission for the brokers).
11) This MOU shall be governed by and construed in accordance with the laws of
Dubai and the federal laws of the UAE as applied in Dubai.
12) Any dispute arising out of or in connection with this MOU shall be finally settled
by arbitration in accordance with the provisions set forth under the Arbitration
Rules of the Dubai International Arbitration Centre (“Rules”) by three
arbitrators appointed in accordance with said Rules. The seat of arbitration shall
be the Dubai International Financial Centre.

Buyer Seller

____________ ____________

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