Private Vehicle Payment Agreement
This Private Vehicle Payment Agreement ("Agreement") is made and entered into on [date], between [Your Name], residing at Houston, TX 77001, hereinafter referred to as the "Seller," and [Buyer's Name], residing at [Buyer's Address], hereinafter referred to as the "Buyer."
I. Vehicle Details
The vehicle subject to this Agreement is described as follows:
Make | [Make of Vehicle] |
Model | [Model of Vehicle] |
Year | [Year of Manufacture] |
Vehicle Identification Number (VIN) | [VIN Number] |
Color | [Color of Vehicle] |
II. Purchase Price
The total purchase price of the vehicle is agreed upon as [Amount ] ("Purchase Price"). The Purchase Price is inclusive of all taxes, fees, and other charges associated with the transfer of ownership.
III. Payment Terms
The Buyer agrees to pay the Purchase Price to the Seller according to the following terms:
(a) Deposit: A deposit of [Amount] ("Deposit") is to be paid by the Buyer to the Seller upon execution of this Agreement. The Deposit shall be deducted from the total Purchase Price.
(b) Balance Due: The remaining balance of the Purchase Price after deducting the Deposit shall be paid by the Buyer to the Seller in full within 5 days from the date of execution of this Agreement.
(c) Method of Payment: The Buyer shall make payment via cash, certified check, bank transfer, or other mutually agreed-upon method.
IV. Condition of Vehicle
The vehicle is sold in its current condition, "as-is," without any warranties, express or implied. The Seller makes no representations or warranties regarding the condition, merchantability, or fitness for a particular purpose of the vehicle.
V. Transfer of Ownership
Upon full payment of the Purchase Price, the Seller agrees to transfer ownership of the vehicle to the Buyer. The Seller shall provide all necessary documentation for the transfer of title and registration to the Buyer promptly.
VI. Delivery
The Buyer shall take possession of the vehicle at [Location] on [Date]. The Seller agrees to make the vehicle available for pickup by the Buyer at the agreed-upon location and time.
VII. Default
In the event of default by the Buyer, the Seller reserves the right to retain the Deposit as liquidated damages. In the event of default by the Seller, the Buyer shall be entitled to specific performance or seek legal remedies as provided by law.
VIII. Governing Law
This Agreement shall be governed by and construed by the laws of [Jurisdiction]. Any disputes arising out of or in connection with this Agreement shall be resolved through arbitration or mediation, as mutually agreed upon by the Parties.
The Parties hereby acknowledge their acceptance and agreement to the terms and conditions outlined in this Agreement by affixing their signatures below:
[Your Name]
[Date Signed]
[Buyer's Name]
[Date Signed]
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