Document background
The Memorandum of Understanding For Flat Sale is commonly used in England and Wales as an initial step in the property sale process, particularly when parties wish to document their intentions before proceeding with formal legal documentation. It serves as a useful tool for capturing the main commercial terms agreed between parties, including price, timeline, and any specific conditions. While not legally binding as a whole, certain provisions may create legal obligations. This document is particularly valuable when dealing with complex flat sales involving multiple conditions or when there's a need to demonstrate serious intent to proceed with the transaction.
