Memo of Understanding or Memorandum of Understanding format is hereby given below.
MEMO OF UNDERSTANDING
This MEMORANDUM OF UNDERSTANDING (MOU) is made and executed today at _____ on this _____ day of ________ 20XX.
Age: _______ years, Occupation: ___________
Hereinafter jointly referred to as the “VENDOR” (which expression shall unless it be repugnant to the context or meaning thereof be deem to mean and include himself, his legal heirs, representatives, executors and administrators and assigns etc.) PARTY OF THE FIRST PART;
Age: ________ Years, Occupation: ______________
Age: ________Years, Occupation: ______________
Hereinafter referred to as the “THE PURCHASERS” (which expression shall unless it be repugnant to the context or meaning thereof be deem to mean and include themselves, their legal heirs, representatives, executors, administrators and assigns etc.) PARTY OF THE SECOND PART;
WHEREAS, Vendor herein had purchased Flat No. ____________ situated in the __________ Floor, area admeasuring _____________ square meters, equivalent to _________ square feet built up (carpet area ________ square feet i.e., _________ square meters) along with covered car parking in the building named as “__________” situated at _____________________, District ________ and within the limits of ______________ Municipal Corporation vide registered Sale Deed dated __________, registered in the office of Sub Registrar __________ at serial no. _________ from XYZ and ABC. The same is more particularly described in the schedule hereunder written and hereinafter referred to as ‘Said Flat’ for sake of brevity and convenience;
AND WHEREAS, according to XYZ, ABC, had delivered the actual, vacant, physical and peaceful possession of the Said Flat to the Vendor, after receipt of the entire agreed consideration.
AND WHEREAS, the VENDOR herein has decided to Sell the Said Flat. Therefore, the VENDOR was in search of the prospective PURCHASERS for the same. The Said Flat came to the knowledge of the PURCHASERS and hence the PURCHASERS offered to purchase the Said Flat, for the total price or consideration of Rs. ____________ . The said offer given by the PURCHASERS herein being in consonance with the prevailing market rate and reasonable, the VENDOR herein have accepted the said offer and agreed to sell/transfer/assign the Said Flat to the PURCHASERS herein for the aforesaid agreed consideration and on the terms and conditions mentioned here under written;
NOW THEREFORE THIS AGREEMENT WITNESSETH AND IT IS HERE BY AGREED BY AND BETWEEN THE PARTIES HERETO AS UNDER-:
1. The VENDOR herein has agreed and undertaken to transfer, assign and/or sell the Said Flat together with all consequential, incidental and ancillary rights attached thereto, free from encumbrances and without any reservation to the PURCHASERS for the total price or consideration of Rs. ________________________
2. The PURCHASERS herein have paid an amount of Rs. ___________/- (Rupees ________________ Only) in total towards part consideration amount, an amount of Rs _____________/- ( Rupees __________ Lacs Only) vide Cheque dated ___________ bearing no. ____________, and Balance amount of Rs ____________/- ( ____________ Only) vide Cheque dated _________ bearing no. _________, ________ Bank _________ Branch, to the VENDOR herein as per the instructions of the VENDOR towards part of the consideration amount at the time of execution of these presents. The VENDOR hereby acknowledges the receipt of the same. It is explicitly agreed between the parties hereto that the PURCHASERS shall pay the entire balance consideration at the time of execution and registration of Sale Deed in favour of the PURCHASERS and/or its nominee. The parties herein have agreed to execute and register the final deed and complete the transaction within the 60 days.
3. The VENDOR shall deliver the actual, vacant, physical and peaceful possession of the Said Flat to the PURCHASERS at the time execution of final Deed of Assignment/ Sale Deed in respect of the Said Flat to the PURCHASERS herein. The VENDOR has also agreed and shall be under an obligation to hand over the entire title documents in respect of the Said Flat to the PURCHASERS at the time execution of the Deed of Assignment/Sale deed in respect of the Said Flat.
4. The VENDOR hereby declares and has assured the PURCHASERS that the Said Flat is free from any encumbrances of whatsoever nature and the same is perfectly clean, clear and marketable. The VENDOR further declares that they have not created any encumbrances in any manner whatsoever in respect of the Said Flat and the VENDOR herein is perfectly empowered to execute this MOU with regard to the Said Flat in favour of the PURCHASERS.
5. The VENDOR agrees and undertakes to indemnify and keep indemnified the PURCHASERS against any loss, damages, harms and expenses, claims of whatsoever nature that may be suffered or sustained by the PURCHASERS on account of handing over the possession by the VENDOR to the PURCHASERS herein and/or on account of the absence or defect of any right title or interest of the VENDOR in respect of the said Flat.
6. The VENDOR hereby agrees and assures that the VENDOR has not created any charge on the same by depositing the title deeds of said Flat with any person/s or institution/s.
7. The VENDOR herein has undertaken to co-operate with the PURCHASERS to transfer the title of the Said Flat with the statutory / government, semi-governmental, PMC and other concerned authorities in the name of the PURCHASERS. The VENDOR hereby agrees and undertakes to execute and register any other document/s or deed/s that may be required by the PURCHASERS, in respect of the Said Flat, for raising finance from any bank for purchasing the said flat.
8. The VENDOR hereby grants express consent to the PURCHASERS to obtain search and title report in respect of the Said Flat, and to give Public Notice in respect of the Said Flat in any of the local Newspapers as per their choice and perform any other acts that would be required to ascertain the title of the Said Flat.
9. It is explicitly agreed between the parties hereto that in case any objection is raised by any person/s in response to the Public Notice, then the VENDOR alone shall be liable and responsible to clear such objection forthwith at their own costs and consequences. However, in such situation the PURCHASERS shall act their sole discretion is entitled to cancel / terminate these presents. It is further explicitly agreed between the parties hereto that in case the PURCHASERS decide to cancel these presents, then the VENDOR shall repay the part payment/consideration received by them till then to the PURCHASERS within 08 days from the receipt of intimation of such cancellation by the PURCHASERS. However, if the VENDOR fails to pay the same in that case the PURCHASERS shall be entitle to claim interest at the rate of 18% on the amount due till the receipt of the same and till receipt of the entire amount along with interest, this MOU shall not be treated as cancelled.
10. The Parties hereto have specifically agreed that in case of failure on the part of any of the parties to perform their respective obligations cast upon under these presents the concern party shall be entitle to seek specific performance these presents or any other appropriate/suitable reliefs from the Competent Court of Law.
11. All the expenses such as stamp duty, Notary fees, typing charges and other incidental expenses in respect of this Memorandum of Understanding are to be borne and paid by the PURCHASERS and they have accordingly done so.
DESCRIPTION OF THE SAID FLAT ABOVE REFERRED TO:
All that piece and parcel of Flat No. _________ situated in the Second Floor, area admeasuring _______________ square meters, equivalent to __________ square feet built up (carpet area ___________ square feet i.e., __________ square meters) along with covered car parking in the building named as “__________” situated at ____________, District ____________ and within the limits of __________ Municipal Corporation
IN PRESENCE OF THE WITNESSES THEREOF THE PARTIES HAVE SIGNED THIS MOU ON THE DATE HEREIN ABOVE MENTIONED AT __________
SIGNED AND DELIVERED by the )
Within named VENDOR )
SIGNED AND DELIVERED by the )
Within named THE PURCHASERS )
In the presence of: