A memorandum of understanding: just the broker's form?
A memorandum of understanding in a 30-second video
Video transcript
Myth or fact? A memorandum of understanding at the broker's office is just a form? Myth. It can be a fully binding contract. What matters is the content: who, which apartment and for how much, and that the parties intended to be bound right now. A seller who signed it cannot simply back out. So do not sign before checking.
Full explanation: A Memorandum of Understanding to Buy or Sell an Apartment Is a Binding Contract: When and How to Enforce It. A memorandum of understanding with certainty and intention to be bound is a full contract. What this means, how to register a cautionary note on it, and what was achieved in an enforcement claim we brought in the District Court.
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In an initial conversation we will go over the property, the other party and the payment schedule, and tell you what needs to be checked before you sign.