STR#………………………………

AGREEMENT OF SALE

This Agreement of Sale is made on 14/1/2013 in Dubai, United Arab Emirates.

BETWEEN

Holder of
Seller:
Passport #:
Holder of
Joint Seller:
Passport #:

Represented by him/or herself, herein after known as “The Seller”.

AND

Holder of
Buyer:
Passport #:
Holder of
Joint Buyer:
Passport #:

Represented by him/or herself, hereinafter known as “The Buyer”.

Hereinafter both the Buyer and Seller, known as “The Parties”

Witnessed and Brokered by Driven properties LLC, Trade License #677961, RERA #11917. (Hereinafter
referred to as “The Broker”)
PREAMBLE

The Seller intends to sell the below mentioned Property to the Buyer.

Location: Project:

Building: Unit/Plot #:

BUA/Plot Area: BR/Type

Title Deed # Developer:

 Date of Transfer:
Net Selling Price:
(On or Before)

Hereinafter referred to as “The Property”

For consideration at the Net Selling Price of AED _____________________this price is exclusive of any other
charges.
Should the Dubai Land Department be closed on any working days during the proposed transfer date period,
the dates will be adjusted and the transfer rescheduled for the first available working day.

The Buyer agrees to pay on signing this Agreement of Sale 10% security deposit (exchanged for Manager’s
cheques on the Transfer date). Cheques should be made payable to the Seller and held by Driven properties
LLC.
Seller is equally in value responsible towards this security deposit and payable in case of default.

SELLERS OBLIGATIONS

Net Selling Price payable to the Seller

NOC and Administration Fee payable to Developer

Title Deed Fees (if applicable) payable to Dubai Land Department

Mortgage Discharge Fees (+admin fee) where applicable payable to
Developer and/or Dubai Land Department
Professional Fees payable to the Broker

BUYERS OBLIGATIONS

Net Selling Price payable to the Seller

Professional Fees payable to the Broker

Transfer Fees payable to Dubai Land Department

Mortgage Registration Fees (+admin fee) where applicable payable to
Developer and/or Dubai Land Department
All cheque payments shall be made via Manager’s cheques only. Manager’s cheques should be issued 2 days
prior to the transfer date and copies forwarded to the Broker to ensure all amounts and names are correct in
order for successful transfer.

Additional AED 4,000/- transfer fees to be paid by BUYER in cash at the time of transfer.

The Buyer and the Seller acknowledge and agree that the Broker may not have obtained all obligations, fees
and charges. Where applicable these will be electronically added. Third party fees are subject to change with
the Broker holding no liability. The above fees are estimation only.

ARTICLE 1: PROVISION FOR THE PREAMBLE

The above preamble represents an integral part of this Agreement of Sale and shall be read and construed
therewith. Both Parties have agreed and concluded that all fax and/or electronic mail transmittals will be
considered legal and binding.

ARTICLE 2: OBLIGATIONS OF THE PARTIES

2.1 The Seller agrees to sell the Property to the Buyer for the above mentioned price.

2.2 The Buyer and Seller warrant that they shall not deal directly with each other without the prior
knowledge and consent of the Broker and that all communication between them shall take place
with the Broker acting as an intermediary

2.3 The Professional Fees to Broker will be paid on the day of transfer by way of managers cheque and
will not be refundable for any reason.

2.4 The Seller shall submit all relevant documentation issued by the Developer indicating that all fees
have been paid in full. The Seller warrants that all documentation given to the Buyer is correct and
furthermore shall indemnify the Buyer for any financial or other liability that may have arisen prior
to completion of the purchase, upon the transfer date.

2.5 Should the Seller have outstanding mortgage liability, the Seller agrees to request a liability letter
from their bank when requested by the Buyer or the Buyers bank/finance company at the Sellers
expense.

2.6 On payment of the deposit to the Broker, the Seller shall not either by himself or through his
attorney and/or agent and/or representative either directly or indirectly through any person:

a) Market the property for sale to any third party.

b) Enter into an agreement to sell or otherwise transfer ownership of the Property, or the Seller’s
interest in the property, to any third party;
c) Increase the agreed sale price of the Property.

2.7 The Buyer and Seller shall bear their own exchange rate differences, bank charges, manager’s
cheque fees and fees associated with the transfer and disbursement of the deposit and balance.

2.8 The Seller shall provide the following necessary documents to complete the transfer:

a) Original contract with Developer, OQOOD Registration or Title Deed in respect of the property.
 b) Original receipts of all payments in respect of the property as per the original payment schedule
(where applicable).
c) Any dues, penalties or unpaid fees or maintenance fees due to the developer, DEWA, PDC where
applicable must be settled before the transfer date.
d) All documents regarding warranties, guarantees and assignments of all rights to these agreements.
e) Any other documents or requirements stipulated by the developer including No Objection
Certificate.
f) Original passport.
g) POA, if represented by another party
h) Tenancy Agreement (If Applicable)
i) Evidence of discharge and clearance of mortgage on the property (If Applicable)
j) If applicable, Seller will issue to the Buyer rent refund amount pro rata from date of transfer.

2.9 Service fees for the Property shall be settled as follows: until transfer date the fees are paid by the
Seller
and from the transfer date onwards by the Buyer.
2.10 Should on the date of transfer, both Buyer and Seller be ready, willing and able to transfer but
however, transfer cannot take place due to a delay by a third party (including but not limited to
bank, Developer or Dubai Land Department), this Agreement of Sale will be extended by Addendum
signed by both Parties (“Extension of Transfer”).

2.11 The Buyer is purchasing the Property as is, including all improvements, fixtures, fittings, appurtenances
and attachments to the Property.

2.12. The Seller retains legal ownership of the Property until completion of transfer and accordingly bears
all risk associated with ownership of the Property until completion.

2.13 The Buyer and Seller agree that all keys, security passes, car passes, confirmation of allocated car
space (as noted on Title Deed) and PO Box keys will be given to the Buyer on the day of successful
transfer of the Property.

2.14 If sold with vacant possession, the Seller agrees that the property will be vacant on the date of
transfer.

2.15 From the date of issuance of deposit and signing, this agreement will be considered binding.

2.16 The Seller and Buyer agree that any matters contained in or arising out of this agreement are
confidential to the Buyer and Seller and are not to be disclosed to any person other than may be
required by law.

2.17 Neither the Broker nor any of their respective officers, director, employees, representatives,
servants or consultants shall be held responsible for any action of the relevant Parties or any third
party arising from, out of or in connection with this Agreement of Sale between the Buyer and
Seller.

2.18 If the Seller withdraws from the sale after the Broker receives the Buyers deposit on/or after signing
this Agreement of Sale, the Broker will have to refund the entire Buyer’s deposit. In addition the
Seller is liable for a penalty equivalent to the deposit amount (amounting to
_______________________________ to the Buyer; Eighty Percent (80%) of which will be paid to the
Buyer as compensation and Twenty Percent (20%) to the Broker as professional and administrative
 fees. The Buyer and Broker will also make attempts to block any future transactions via the Dubai
Land Department on the mentioned property until all due professional fees and penalties are settled.

2.19 If the Buyer withdraws from the agreed sale after signing this Agreement of Sale, for any reason, the
Buyer acknowledges the total deposit amount of ______________________________ will be
forfeited for not fulfilling the contractual obligations of this agreement, Eighty Percent (80%) of
which will be paid to the Seller as compensation and Twenty Percent (20%) to the Broker as
professional and administrative fees.

2.20 Should either clause 2.18 or 2.19 be enacted, both Buyer and Seller agree to the Broker releasing
funds on their behalf. If either Party disputes the non-fulfillment of the agreement, both Parties are
aware that a case will be lodged at the Dubai Courts against defaulting party to recover any costs
relating to this agreement; the Broker will act only as a witness in the Dubai Courts. For the
avoidance of doubt no further authority is required by the Buyer or Seller to the Broker to release
the deposit.

SPECIAL CONDITIONS:
1. Seller has agreed to register a title deed prior to transfer. (if applicable)

2. Seller has confirmed there is no outstanding finance registered against the property. (no mortgage on the property)

3. Seller has outstanding finance on the property through _______________ Bank. The outstanding balance to the Bank
shall be settled by the Buyers mortgage provider. (mortgaged property and finance buyer)

4. Seller has outstanding finance on the property through _______________ Bank. The outstanding balance to the Bank
shall be settled by the Buyer. In return of the Buyer’s settlement of the outstanding Mortgage, the Seller on the
settlement date agrees to provide a security counter cheque (Security Cheque) in the name of the Buyer for the amount
equal to the outstanding Mortgage upon payment of such amount by the Buyer on behalf of the Seller to
_______________bank. Both Seller and Buyer can appoint a Lawyer/ Conveyance Company for the transaction.

5. Seller acknowledges that there are _______________________ outstanding fees to the Developer which has to be
settled prior to applying for No Objection Certificate.

6. Buyer is purchasing with cash funds only.

7. This Agreement is subject to the Buyer receiving a valid pre approval within 7 working days from signing this
agreement. Should a pre approval not be granted, then upon receiving written confirmation from the Buyer’s lending
bank or mortgage advisor the transaction shall be null and void and all security cheques returned to the parties at no
penalty. The Buyer has specified that the lending bank’s valuation must come in at/ or within 3% of the net selling (i.e.
no less than AED …………………………………..), should the valuation come in at less than this figure the Buyer has the right to
withdraw with no penalty and the deposit cheque returned.

8. The Buyer(s) are purchasing the property with the understanding that the property is to be transferred in their
name(s) mentioned above or another party which they have nominated.

9. This Agreement of sale is only enforced upon realization of the Buyers deposit.

10. The Property is tenanted until ……………………….. at AED ……………… per annum as per Tenancy Contract #...............
from ……………(date). Both parties agree that the rent will be refunded from the Transfer date till expiration of the
Tenancy Contract and the amount will be calculated on a pro-rata basis. In addition to that the amount of security
deposit paid by the Tenant shall be refunded to the Buyer. Amendment to the existing Tenancy Contract shall be issued
provided change of ownership takes place.

ARTICLE 3: TERM OF THE AGREEMENT OF SALE

Any FORCE MAJEURE shall discharge both Parties from the terms of this agreement only if that the Force
Majeure continues. If the force majeure is of such a nature as to affect the Property, then both Parties shall
be discharged from the further performance of this contract. Parties shall then be restored to their status
prior to signing of this agreement. Force Majeure in this context shall mean an act of God; Natural
occurrence, War, Death of either party or any other natural event or act of state not within the control of
either Party.

ARTICLE 4: COPIES OF THE AGREEMENT OF SALE

Three originals of this Agreement of Sale have been made; one is given to each party and third to be kept
with the Broker for reference.

ARTICLE 5: ENFORCEMENT
This Agreement shall be governed by the laws of the UAE and in the event of any dispute the Parties agree to
submit the same to the exclusive jurisdiction of the Dubai Civil Court, Dubai Land Department and the Real
Estate Regulatory Agency (RERA).

Signed by the Buyer

Name: __________________________ Signature: __________________________ Date: _______________

Signed by Joint Buyer

Name: __________________________ Signature: __________________________ Date: _______________

Signed by the Seller

Name: __________________________ Signature: __________________________ Date: _______________

Signed by Joint Seller

Name: __________________________ Signature: __________________________ Date: _______________

IN WITNESS WHEREOF

Signed on behalf of Driven properties LLC:

Name: ______________________(Broker) Signature: __________________ Date: ______________

Name: Abdullah Alajaji (Managing Director) Signature: __________________ Date: ______________