I am selling a Car to a buyer who wants to take it on loan with Emirates NBD.
The process explained to me by bank is;
Get the car evaluated by Tajseel or some selected car dealers.
Then buyer to submit the documents for car loan approval.
Buyer to give 20% down payment to seller.
Get the car ownership transferred to the buyer and get new registration card.
Submitt new registration card to bank.
Bank will give LPO to the seller.
And after 5 working days bank will give managers check to seller.
I would like to know is this the process and Ownership need to be transferred before LPO or after??
If I need to take care of any other thing? Need your immediate help and guidance.