Document background
The Memorandum of Understanding For Sale Of Property is commonly used in Singapore's property market as an initial step in property transactions. It serves as a documented understanding between parties before proceeding with a formal sale and purchase agreement. This document typically includes key transaction details such as property specifications, price, payment terms, timelines, and any special conditions. While not fully binding, it demonstrates serious intent and often includes certain binding provisions such as confidentiality and exclusivity. The document is particularly relevant in complex property transactions where parties need to establish clear parameters before proceeding with detailed due diligence and formal legal documentation.
