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What is Memorandum of Sale?

Memorandum of Sale A Memorandum of Sale documents the sale of real estate, specifying parties involved, property details, sale price, and any conditions or contingencies.



Sample template:



MEMORANDUM OF SALE


This Memorandum of Sale ("Agreement") is entered into as of [Date] by and between Michael Davis ("Seller") and Samantha Roberts ("Purchaser") with respect to the purchase and sale of certain real property located in the United States as more specifically described herein.

1. Property Description

1.1. Property


Seller agrees to sell, and Purchaser agrees to purchase, the real property located at [Address], [City], [State], [Zip Code], United States, more particularly described on Exhibit A attached hereto and incorporated herein by reference (the "Property") together with all right, title, and interest of Seller in and to the Property, including any and all improvements, fixtures, and appurtenances thereon.



2. Purchase Price and Payment

2.1. Purchase Price


The total purchase price for the Property shall be [Sale Price in Words] dollars ($[Sale Price in Numbers]) (the "Purchase Price").



2.2. Payment


Purchaser shall pay the Purchase Price as follows: A deposit in the amount of [Deposit Amount in Words] dollars ($[Deposit Amount in Numbers]) (the "Deposit") shall be paid by Purchaser to Seller within three (3) days following the Effective Date of this Agreement. The balance of the Purchase Price shall be paid by Purchaser to Seller in cash, by certified or cashier's check, or by wire transfer of immediately available funds at the closing of the transaction contemplated by this Agreement (the "Closing").



3. Closing

3.1. Closing Date


The Closing shall take place on or before [Closing Date], or at such other time as may be mutually agreed upon by the parties in writing (the "Closing Date").



3.2. Place of Closing


The Closing shall occur at the offices of the escrow agent or title company mutually agreed upon by the parties (the "Escrow Agent").



4. Title and Conveyance

4.1. Conveyance


Seller shall convey to Purchaser good and marketable title to the Property by special warranty deed, subject only to those matters permitted by this Agreement (the "Permitted Exceptions").



4.2. Title Insurance


At Closing, Seller shall provide Purchaser with a commitment for title insurance (the "Title Commitment") from a title company reasonably satisfactory to Purchaser, showing Purchaser as the insured owner of the Property, subject only to the Permitted Exceptions.



5. Conditions Precedent

5.1. Inspection Period


Purchaser shall have a period of thirty (30) days following the Effective Date of this Agreement (the "Inspection Period") to conduct due diligence inspections of the Property. Purchaser's obligation to purchase the Property shall be contingent upon Purchaser being satisfied, in its sole discretion, with the results of such inspections.



5.2. Financing Contingency


This Agreement is contingent upon Purchaser obtaining, prior to the expiration of the Inspection Period, a written commitment for a loan secured by a mortgage on the Property in an amount and on terms satisfactory to Purchaser in its sole discretion.



6. Representations, Warranties, and Covenants

6.1. Seller's Representations and Warranties


Seller represents and warrants to Purchaser that, as of the Effective Date and as of the Closing Date, there are no outstanding liens, encumbrances, or defects in title affecting the Property other than the Permitted Exceptions.



6.2. Purchaser's Representations and Warranties


Purchaser represents and warrants to Seller that Purchaser has the legal power, right, and authority to enter into this Agreement and to consummate the transactions contemplated hereby.



7. Default and Remedies

7.1. Seller's Default


If Seller defaults in its obligations under this Agreement, Purchaser may elect, as its sole and exclusive remedy, to either (a) terminate
this Agreement and receive a refund of the Deposit, or (b) seek specific performance of this Agreement.



7.2. Purchaser's Default


If Purchaser defaults in its obligations under this Agreement, Seller may elect, as its sole and exclusive remedy, to terminate this
Agreement and retain the Deposit as liquidated damages.



8. Miscellaneous

8.1. Entire Agreement


This Agreement embodies the entire understanding of the parties with respect to the transactions contemplated herein and supersedes all prior agreements and understandings relating thereto.



8.2. Governing Law and Venue


This Agreement shall be governed by, and construed in accordance with, the laws of the United States, without regard to conflicts of law principles. Any dispute arising out of or related to this Agreement shall be resolved in the state or federal courts located within the United States.



8.3. Assignment


Purchaser may not assign its rights or obligations under this Agreement without the prior written consent of Seller.



8.4. Counterparts


This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.



8.5. Execution


This Agreement shall become effective when it has been executed by Seller and Purchaser and delivered to the Escrow Agent.



IN WITNESS WHEREOF, Seller and Purchaser have executed this Agreement as of the date first above written.

______________________________ ______________________________
Michael Davis, Seller Samantha Roberts, Purchaser

Attachment: Exhibit A - Legal Description of Property

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Sections of a Memorandum of Sale


In this Memorandum of Sale, you will see the following sections:

  1. Property Description
  2. Purchase Price and Payment
  3. Closing
  4. Title and Conveyance
  5. Conditions Precedent
  6. Representations, Warranties, and Covenants
  7. Default and Remedies
  8. Miscellaneous


Summary of the sections:

  1. Property Description : This section describes the property being sold, including its address and any additional details. Think of it as the "what" of the agreement — it tells you exactly what's being bought and sold.

  2. Purchase Price and Payment : This section outlines the total cost of the property and how the buyer will pay for it. It's like the price tag on an item in a store, but with more details about payment methods and timing.

  3. Closing : This section explains when and where the final transaction will take place. It's like setting a date and location for a party — everyone needs to know when and where to show up.

  4. Title and Conveyance : This section discusses how the seller will transfer ownership of the property to the buyer and what kind of title insurance will be provided. It's like handing over the keys to a car and making sure the new owner has proper documentation.

  5. Conditions Precedent : This section lists any conditions that must be met before the sale can go through, such as inspections or financing. It's like a checklist of things that need to be done before the deal is finalized.

  6. Representations, Warranties, and Covenants : This section contains promises and guarantees made by both the buyer and seller. It's like a list of assurances that each party is giving to the other to make sure everyone is on the same page.

  7. Default and Remedies : This section explains what happens if either party fails to fulfill their obligations under the agreement. It's like a backup plan in case things don't go as planned.

  8. Miscellaneous : This section covers various additional terms and conditions, such as governing law, assignment, and how the agreement can be executed. It's like the "fine print" of the agreement, covering any loose ends and extra details.

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