Memorandum of Understanding Format for Sale of Flat

MEMORANDUM OF UNDERSTANDING FOR SALE OF IMMOVABLE PROPERTY

THIS MEMORANDUM OF UNDERSTANDING (the “MOU”) is made and entered into this [__] day of [__________], 20[__] (the “Effective Date”), by and between:

SELLER: [Full Name of Seller], son/daughter of [__________], residing at [Full Residential Address], holding Identification/Passport No. [__________], hereinafter referred to as the “SELLER” (which expression shall, unless repugnant to the context or meaning thereof, be deemed to mean and include his/her heirs, executors, administrators, and assigns).

AND

PURCHASER: [Full Name of Purchaser], son/daughter of [__________], residing at [Full Residential Address], holding Identification/Passport No. [__________], hereinafter referred to as the “PURCHASER” (which expression shall, unless repugnant to the context or meaning thereof, be deemed to mean and include his/her heirs, executors, administrators, and assigns).

(The Seller and Purchaser are collectively referred to as the “Parties” and individually as a “Party”).

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1. PROPERTY DESCRIPTION

The Seller is the sole and absolute owner of the residential flat located at: [Full Postal Address of the Flat, including Floor, Flat No., Building Name, and Land Registry Details/Survey No.] (hereinafter referred to as the “Property”). The total area of the Property is [__________] square feet/meters.

2. PURCHASE CONSIDERATION

The Parties have mutually agreed upon a total sale consideration for the Property in the sum of [Currency and Amount in Figures] ([Amount in Words]).

3. PAYMENT TERMS

The Purchaser shall pay the total consideration in the following manner:

• Earnest Money Deposit: [Amount] paid by way of [Cheque/Draft/Transfer] No. [__________] dated [__________] (Receipt of which is hereby acknowledged by the Seller).
• Balance Amount: The remaining sum of [Amount] shall be paid by the Purchaser to the Seller on or before [Date] at the time of execution and registration of the Final Sale Deed.

4. POSSESSION AND TITLE

• Title: The Seller warrants that the Property is free from all encumbrances, liens, mortgages, legal disputes, or attachments.
• Possession: The Seller agrees to hand over vacant and peaceful physical possession of the Property to the Purchaser upon the execution of the Final Sale Deed and receipt of the full consideration amount.
• Clearance: The Seller shall provide all necessary original documents, including the Sale Deed, Tax Receipts, and No Objection Certificates (NOCs), for inspection by the Purchaser’s legal counsel prior to the final registration.

5. EXECUTION OF SALE DEED

The Parties agree to execute and register the formal Sale Deed at the office of the jurisdictional Sub-Registrar of Assurances on or before [Date]. All costs, including stamp duty and registration fees, shall be borne by the [Purchaser/Seller/Shared Equally].

6. DEFAULT

In the event the Seller fails to complete the transaction, the Seller shall refund the earnest money to the Purchaser along with [Percentage/Amount] as damages. In the event the Purchaser fails to complete the transaction, the earnest money deposit shall be forfeited by the Seller as liquidated damages.

7. GOVERNING LAW AND JURISDICTION

This MOU shall be governed by and construed in accordance with the laws of [Jurisdiction/Country]. Any disputes arising out of this agreement shall be subject to the exclusive jurisdiction of the courts in [City/District].

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IN WITNESS WHEREOF, the Parties hereto have signed this MOU on the day, month, and year first above written.

SIGNED AND DELIVERED BY:

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SELLER Name: [____________________]

IN THE PRESENCE OF WITNESSES:

1. ---

   Name: [____________________] Address: [____________________]

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PURCHASER Name: [____________________]

2. ---

   Name: [____________________] Address: [____________________]