MEMORENDUM OF UNDERSTANDING known as M.O.U

Basically it is a contract that both parties buy and seller set up when they wan to engage them self in a purchase or sell of property.

This agreement is well use in the first phase of the sale transaction as it will bring both parties on the table date to apply the transaction on the terms and condition.

In Dubai it is important to note that seller have coutume to withdraw from the MOU as they receive a better offer before the final transaction happen. It is understood that buyers are not willing to engage any pursue against the seller since they do not loose them security depoisit.

An MOU, should be withdraw by a professionnel broker or lawyer to witness and approve the consistency of the obligation of both parties.

We recommande buyer and seller to choose an appropriate real estate brokerage firm register in the state of the transaction who will draw the memorendum of understanding properly and security.

Request the help of your lawyer to obtain an impartial point view and will implement close who should protect you and engage the party more officially.

In future the land deparment of Dubai will provide the right and unique form to be completed and the registration of the MOU will be a mandatory for both parties to register it before the final step of sale will accepted.