Free Memorandum of Understanding

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Memorandum of Understanding

QGtype


Buying real estate
Buying a business
Buying assets
Buying shares
Entering into a partnership
Other

This Memorandum of Understanding is not binding on either party and is only an expression of an intent to continue negotiations in good faith.



Your Memorandum of Understanding

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MEMORANDUM OF UNDERSTANDING

THIS MEMORANDUM OF UNDERSTANDING (the "Document") made as of this 19th day of December, 2018 (the "Execution Date"),

BETWEEN:


____________________ of _________________________

(the "Purchaser")

- AND -


____________________ of _________________________

(the "Seller").

BACKGROUND:

  1. The Seller is the owner of residential property that is available for sale.
  2. The Purchaser wishes to purchase residential property from the Seller.

This Document will establish the basic terms to be used in a future real estate contract for sale ("the Contract") between the Seller and the Purchaser. The terms contained in this Document are not comprehensive and it is expected that additional terms may be added, and existing terms may be changed or deleted. The basic terms are as follows:

  1. Non-Binding
  2. This Document does not create a binding agreement between the Purchaser and the Seller and will not be enforceable. Only the future Contract, duly executed by the Seller and the Purchaser, will be enforceable. The terms and conditions of any future Contract will supersede any terms and conditions contained in this Document. The Seller and the Purchaser are not prevented from entering into negotiations with third parties with regard to the subject matter of this Document.
  3. Transaction Description
  4. The property (the "Property") that is the subject of this Document is located at:
    • ___________________________________________________________
      ___________________________________________________________
      ___________________________________________________________
      ___________________________________________________________
  5. Purchase Price
  6. The Purchaser will pay to the Seller the amount of £0.00 GBP on or before the 19th day of December, 2018 (the "Closing Date") as payment in full for the Property.
  7. The Purchaser will take possession of the Property on the 19th day of December, 2018.
  8. Real Property Disclosure
  9. The Seller does not know of any material facts that would affect the value of the Property, except those observable by the Purchaser or known to the Seller and stated in this Document.
  10. Representations
  11. The Seller represents and warrants that the Property is free and clear of any liens, charges, encumbrances or rights of others which will not be satisfied out of the sales proceeds. If the representations of the Seller are untrue upon the Closing Date, the Purchaser may terminate any future agreement without penalty.
  12. Terms and Conditions
  13. The Purchaser accepts the Property in its current state and condition without any further work, repairs, treatments or improvements.

This Document accurately reflects the understanding between the Seller and the Purchaser, signed on this 19th day of December, 2018.



___________________________
____________________ (Purchaser)



___________________________
____________________ (Seller)

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