Document background
The Memorandum of Agreement of Sale is a crucial document used when parties need to formalize a sale transaction with clear, written terms. It provides legal protection for both buyer and seller by documenting the specific details of their agreement. This document is particularly important in the United States where the Statute of Frauds requires certain sales agreements to be in writing. The memorandum typically includes essential elements such as property description, price, payment terms, warranties, and closing conditions. It serves as evidence of the transaction and can be used to resolve any future disputes between parties.
