About this document:
Use this template to create a Memorandum of Understanding between any two parties one of whom is the allottee / owner of a property and the other has agreed to buy the property pending formalities of transfer of title and permissions thereof.
The format is fit to be used to address peculiar situations where mostly commercial properties are sold by allottees before they get the rights or become entitled to transfer titles in the names of the purchasers, subject to certain conditions of the allotting authorities.
There are no specific legal provisions that govern a legal document of this nature; you still have the liberty to make alterations and additions that exactly suit your situation or the case. With very small changes the document can be altered to use in completely different circumstances such as for residential properties.
Who will use this document?
Any business or individual – holding clear title, finalizing full and final settlement of a sale of property though prior to getting the rights of executing transfer of title, which are subject to certain conditions of the allotting authority or time restrained;
Key features:
· very flexible to suit the requirements of either or both parties;
· provides a complete framework;
· protects both sides;
· indemnity of the purchaser;
· very flexible to suit the requirements of either or both parties;
This document includes provisions for:
· appropriate legal provisions - warranties, exclusions, indemnities, etc.
· terms of settlement;
· safe custody of original documents;
· time schedule for payment;
· successors and assigns;
· jurisdiction;
· practical terms that protect parties from future disputes;
