Visibility: Public Uploaded by: CARNVERSATIONS Uploaded at: 2024-07-03 Published at: 2024-07-03 Length: 17:59 Views: 4207 Likes: 120 Category: Autos & Vehicles

Our legal expert breaks down everything you need to know about vehicle ownership transfers, paperwork requirements, protecting yourself as a buyer/seller, and more.

Every Wednesday, join Wakili Cedric Magotsi for an informative and engaging look at the intersection of automobiles and legal issues. On "Cars and Laws," we'll explore a wide range of topics related to vehicle laws, regulations, rights, and responsibilities.

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you're at home and you're thinking how am I going to purchase my dream car yet your bank account does not have enough money you sit at home you think through it and you realize how to select by conversation Soo you reach out to or to select by conversations and they tell you not to worry you can actually purchase your dream Motor Vehicles buy a higher purchase agreement join me on this episode of carsin laws as we take you through the nitty grees of what you should be aware of while purchasing your car under the higher purchase agreement I'll be your host as always W Cedric [Music] mot conversations. Africa is where a vehicle has been posted you love this vehicle you want to purchase it you want to be the owner of this brand new vehicle however the monies in your account are not well enough for you to purchase this vehicle wholesomely or in one go what do you do you reach out to AO select my conversations they tell you you know what you can actually purchase this vehicle by high purchase remember our last episodes the processes or the faces of purchasing the vehicle contacting the seller agreeing on a purchase price and most importantly conducting all the necessary prep purchase inspections youve done all that youve met the sale of this specific Vehicles normally this happens youve agreed Ill pay a deposit of this amount then Ill pay the remaining amount in these specific installments what do you do next you get into what is known as a higher purchase agreement again what do you do next you get into what is known as a higher purchase agreement briefly I'll take you through the definitions that you'll find them under the higher purchase business model the first definition is the higher purchase agreement what is the higher purchase agreement the higher purchase agreement basically in simple terms means there's one party who owns the specific Goods these specific Goods in our situation is this vehicle then there's another party who wants to hire or purchase this motor vehicle so the purchaser who will reach out to the owner of this vehicle agrees with them on a specific deposit and installments that will be payed over a period of time that being indicated the owner will hire because the vehicle is still not the property of the purchaser the owner will hire this specific vehicle to the purchaser or to the hire so property will move from the owner to the hirer or to the wbe purchaser for a consideration of some currency purchase agreement the first person is willing to let this second person hire this car on the basis that a deposit has been paid or a down payment has been paid and the remainder of the sums shall be paid in subsequent and equal installments over a period of time however from the owner to the purchaser till so ing until the last installment has been paid brief breakdown of what a higher purchase business agreement means the second definition is the higher purchase business what is a high purchase business registered so for them they sell property of vehicles using as Guided by the high purchase act and as Guided by the high purchas agreement but under the purchase act as guided as under the high purchase AG payment the final installments basically that is what encompasses the higher purchase business model or the higher purchase agreement purchase agreement the first thing you should do is go to a licensed higher purchased agents very importante agreement is not licensed so you go to a licensed higher purchase agent he or she must have a valid license confirm recognized as a higher purchase agents you can now draft the higher purchase agreement and like the first agreement we discussed in the first process of purchase of a motor vehicle the higher purchase agreement is a unique agreement in that it has to be registered where is this High purchase agreement registered the high purchase agreement is registered at the register arm is registered with the register of high purchase how does this registration go the high purchase agreement is drafted agreement with all the contents down deposit contract this contract has to be filed with the register of higher purchase filing fees for this specific High purchase agreement pay filing fees another additional payment that has to be made is St duty every higher purchase agreement has to be paid stamp Duty for so duty duty receipt then each of you should have a copy of the registration fees for this purchase agreement and the receipt in which the stamp Duty has been paid again briefly and repeat for a higher purchase agreement to be valid it has first of all to be prepared by a licensed High purchase agents who has a valid license payment 10,000 LIC by the government of Kenya two high purchase agreement with ofe with the register of purchase filing fees at the regist office then two by pay Duty very important you have a copy both the seller and the H and two payments very important fail to do so this agreement is illegal its not a high pchas agreement some of you are not registered and some of you once you draw this High purchase agreement you don't pay St Duty for it and you don't pay the registration for it any legal dispute if there arises any legal dispute and this case is referred to a court of law prep agreement and is not a registered licensed or is not a registered or a licensed High purchase agents and two this High pchas agreement is not registered is not going especially if you are the owner of this vehicle agreement claim this purchase agreement has refused to pay the final du to pay the installments this specific contract cannot be enforced you might seek other orders yes part but seeking this orders under the high Purchase Act I always ERS you are not a licensed High purchase agents two the higher purchase agreement has not been register is a must payment so again you don't register the St Duty you canot have or you will not have a claim you do not register the high purchase agreement you will not have a claim in a court of law you've gone to a licensed High purchased agent youve drafted a high purchase agreement the agreement has been registered some of the terms the most important terms that have to be captured in this higher purchase agreements so that safety of the business is guaranteed the few most important terms that should be included in this High purchase agreement is the residency resc terms where does he or she reside because high purchas is you put a deposit youre given this car then you pay subsequent installments so as it stands then the owner the seller of the car stands to lose if the purchaser disappears with this car and he or she has not completed the payments of this specific Vehicles so one of the most important terms captured in this higher purchase agreement is the exact residency of where the H estate kamak road the road the town the locality is in thisch agreement failure to you exposing to RIS so you must get the accurate location accurate residency of the H of this of this car second thing get the exact location very important you get the exact location of where this specific person or hire or purchaser conducts his business very important any of those installments you can go to that specific location and so very important these are some of the conditions that should be captured in some of the warranties that have to be there in a highas so in case and high purchase wants to relocate amama wants to change his specific job AM wants to change his place of business he has to do a notification which should been writing to the own of the vehicle a job from Ministry of Defense Ministry of Agriculture Ministry of Finance you have to notify the owner the agent you shifting from one position to this to this other location you have to notify its a must and its compulsory for you to notify the agent the own of this property the own of this vehicle that from from it has to be writing then you share it with the owner of the vehicle at all times where the vehicle or the person who has bought this vehicle and high purchase is for safety purposes you can also put car trackers at all times in this specific vehicle you can actually engage the car tracker then you may have a legitimate claim against a court of law say this guy stated that he lives in this specific location but he has moved payot all at once so location of where the car is and where the part is are very important and should not at any cost be omitted from the higher purchase agreement however a higher purchase agreement is just like any other contractual agreement this High purchase agreement can always be terminated however you cannot just terminate a high purchase agreement V terminate any other contractual agreement first thing you have to know is that once the hire hire once the hirer has paid 2/3 of the purchase price am of the down payment plus installments and he he or she fails to pay the rest of the amounts you cannot actually acquire possession of that car enforce the payment of the remaining balance with interests and costs again comea 2/3 of the part price has already been paid you can never claim that to be your this guy has paid 2/3 of the entire purchase price entire of the entire higher purchase price so with interest and cost very important however a higher purchase agreement can always be terminated at any time however again and H purchase contract I fail to comply fail to perform his obligations of paying the installments first thing before terminating the contract you have to give him notice he notice laim writing you can never go to a court of law terminate contract purchase give him notice in the next one month if you will not have paid the remainder of the installments so notice has to be there notice has to be there very important you canot seek notice now reasons as to why he or she has not paid his installments as obligated in the higher purchase agreement so notice is very important if you have any questions with regarding to any higher purchase agreement that v you can always feel free get in touch with us get that specific aspect of the higher purchase agreement in our next episode the first episode to where we are on our episodes of cars and laws as always I've been your host [Music]