Memorandum of Understanding Format for Purchase of Property

MEMORANDUM OF UNDERSTANDING FOR THE PURCHASE OF PROPERTY

THIS MEMORANDUM OF UNDERSTANDING (the "MOU") is entered into on this ______ day of ________, 20 (the "Effective Date"), by and between:

SELLER: ________________________________________, residing at/having its principal place of business at ________________________________________ (the "Seller");

AND

BUYER: ________________________________________, residing at/having its principal place of business at ________________________________________ (the "Buyer").

(Collectively referred to as the "Parties").

1. PROPERTY DESCRIPTION

The Seller agrees to sell, and the Buyer agrees to purchase, the real property located at:

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(Full Legal Address) Legal Description/Parcel ID: ___________________________________________________________

2. PURCHASE PRICE

The total purchase price for the Property is __________________________ (Currency: ________) (the "Purchase Price"). The Purchase Price shall be payable as follows:

• Earnest Money Deposit: __________________________ paid upon execution of this MOU.
• Balance: __________________________ to be paid at the time of Closing via wire transfer or certified funds.

3. DUE DILIGENCE PERIOD

The Buyer shall have a period of ______ days from the Effective Date (the "Due Diligence Period") to conduct inspections, title searches, surveys, and environmental assessments. The Buyer may, at its sole discretion, terminate this MOU for any reason during this period by providing written notice to the Seller, in which case the Earnest Money Deposit shall be refunded to the Buyer.

4. CLOSING

The closing of the sale (the "Closing") shall take place on or before ________, 20, at the offices of ________________________________________, or at such other time and place as the Parties may mutually agree in writing.

5. TAXES AND EXPENSES

All real estate taxes, assessments, and utilities shall be prorated between the Parties as of the Closing Date. Each party shall be responsible for their own legal fees and costs associated with the transaction, unless otherwise agreed in writing.

6. NON-BINDING NATURE AND EXCLUSIVITY

Except for the provisions regarding Confidentiality, Governing Law, and Exclusivity, this MOU is intended to serve as a statement of intent and does not constitute a legally binding agreement for the sale of property. The Parties intend to enter into a definitive Purchase and Sale Agreement (the "PSA"). During the term of this MOU, the Seller agrees not to solicit, entertain, or negotiate offers from any third parties regarding the Property.

7. GOVERNING LAW

This MOU shall be governed by and construed in accordance with the laws of the jurisdiction of ________________________.

8. TERMINATION

This MOU shall expire on ________, 20, if a definitive PSA has not been executed, unless extended by mutual written agreement.

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IN WITNESS WHEREOF, the Parties have executed this Memorandum of Understanding as of the date first written above.

SELLER:

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Signature

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Printed Name

BUYER:

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Signature

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Printed Name

WITNESS:

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Signature

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Printed Name