Memorandum of Understanding (MoU): sale of property
Use this template to create a Memorandum of Understanding between any two parties agreed to settle a pending dispute outside the court; where the matter generally relates to a money recovery or related dispute;
- Solicitor approved
- Plain English makes editing easy
- Guidance notes included
- Money back guarantee
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 from appropriate authorities.
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;
Application and 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.
- appropriate legal provisions - warranties, exclusions, indemnities, etc.
- terms of settlement;
- safe custody of original documents;
- time schedule for payment;
- successors and assigns;
- practical terms that protect parties from future disputes.
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By Rohit Lotlikar 16 June 2015
"I found it quite helpful to draft my MoU for purchase of an under-construction apartment in a second sale. The MoU that is provided is for a development agreement between a builder and landowner, so it was not exactly what i was looking for, but nevertheless useful.
My suggestion to Net Lawman is to add a little more detail regarding the scope of the document, so it is easier for a prospective customer to decide if it is right for them."
"Easy and fulfilled my needs. The documents are accepted by the other parties solicitors without my waiting for my own solicitors to act. Professional documents, easy to use saved my time and money."Roy Butterworth
"The document was clear to read, easy and quick to use. I will recommend Net Lawman due to ease of usability."Clive Bonny
"I was recommended to you some time ago - many thanks for an excellent document. I have you in my "favourites" Easy to navigate website - clearly displayed and simple to understand. Very easy to use and edit document in clear English. It has enabled me to present a professional and relevant document to my customers with ease. I will recommend Net Lawman due to easy to use website, documents in clear English and easy to edit, very reasonable and prompt."Martha Walker