Standard Real Estate Purchase and Sale Agreement

This is a legally binding contract. If you do not understand this contract, please seek legal counsel. THIS AGREEMENT entered into on the 14th day of November 2010 by and between, Mr. Rashid Kamal Holder of Pakistan Passport No. KG704188 hereinafter referred to as "Buyer and Mr. Abid Mahmood Holder of British Passport No. XXXXXXXXX, hereinafter referred to as "Seller". PROPERTY PURCHASED: In consideration of the mutual promises herein contained, the Seller agrees to sell, and the Buyer agrees to buy, in accordance with the terms and conditions of this Agreement, the following described Real Property, situated in the City of Dubai, Apt Nos. 212, 1 Bedroom of the building P-20, France Cluster, International City
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Total Purchase Price to be paid by Buyer is payable as follows: AED AED 0.00 270,000.00 2% Buyer A/C Buyer A/C To be paid Pro Rota basis by the seller and buyer To be calculated on the day of transfer AED 270,000.00

A. Advance B. Balance managers check/Cash at the time of the time of Transfer at the Dubai Land Department C. Agency Commission D. Transfer charges at the Land Department (Generally 2% of selling price) E. Land Registration charges F. Maintenance, service, building owners charges G. If rented apt, Rent to be refunded H. Total Purchase Price.
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Title Examination and Time for Closing: A. If title evidence show Seller is vested with a marketable title, the transaction will be closed and the deed and other closing papers delivered on or before 14th Jan, 2011 unless extended by other conditions of this Agreement. . Buyer shall pay the cost of all utilities in connection with the property that may become due or payable on or after this date. The seller shall clear all the service charges towards the maintenance of the property to NAKHEEL till the date of transfer, the buyer shall be responsible for any charges payable after the transfer. Entire Agreement: There are no other agreements, promises or understandings between these parties, except as specifically set forth herein. This Agreement shall be governed by and construed in accordance with the laws of the Emirates of Dubai and applicable Federal Laws of the United Arab Emirates. This legal and binding Agreement will be construed under Law, will not be recorded and if not understood, parties should seek competent legal advice. In case the SELLER backs out of the deal then the SELLER will pay the buyer a penalty of AED 28,000 along with returning the deposit amount. In case the BUYER backs out of the deal then the BUYER will forfeit the deposit paid to the seller. In case the deal does not go through because of the buyer or seller back out, then both the parties shall pay 1% (of the sale value) each to Delmon Real Estate Brokers, the real estate agency towards their service charges It is also confirmed that the apartment is rented and the balance of the rent will be refunded to the new buyer on the date of the transfer.

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Documents to be provided to close this deal: a. Original receipts of all payments in respect of the Property b. Original Contract and the keys to the apartment c. NOC from NAKHEL d. Transfer to be done at the Dubai land registration department

You should read and understand this agreement. It is a legal and binding contract. IN WITNESS WHEREOF, all of the parties hereto affix their hands and seals this 14th day of November 2010.

___________________________________________ _____________________________________ Seller: Buyer:

___________________________________ Witness

_____________________________________ Witness