Скачать или смотреть What’s in a Memorandum of Understanding? Here’s the quick breakdown! 🔑📄

Here are the essential clauses that an MoU typically contains in the context of a real estate transaction ⤵️

▫️Parties' Details: Names, addresses, and contact info of buyer and seller.

▫️Property Description: Location, size, type, and unique identifiers of the property.

▫️Sale Consideration: Agreed price and payment terms (e.g., down payment, schedule).

▫️Payment Terms: Breakdown of payment structure and schedule.

▫️Possession Conditions: Terms for handing over property possession.

▫️Obligations: Responsibilities of buyer and seller (e.g., document provision).

▫️Due Diligence: Buyer’s right to verify property details and clearances.

▫️Compliance: Requirement for obtaining statutory and legal approvals.

▫️Validity: Duration and conditions for extension or termination.

▫️Confidentiality: Agreement to keep terms and information confidential.

▫️Termination: Conditions for ending the MoU (e.g., missed payments).

▫️Dispute Resolution: Method and jurisdiction for resolving disputes.

▫️Force Majeure: Clause for unforeseen events that could prevent the parties from fulfilling their obligations.

▫️Representations: Authority and accuracy of information from both parties.

▫️Expenses: Who bears transaction-related costs (e.g., legal fees).

▫️Amendment: Requirement for written agreement to any changes.

▫️Governing Law: Legal framework governing the MoU.

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