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FAQ

Once both buyer and seller sign the purchase agreement, the contract is legally binding. In many cases, however, the contract has contingencies or certain conditions that must be met in order for the sale to go through.

Memorandum of Agreement (MOA): An MOA is a document written between parties to cooperatively work together on an agreed upon project or meet an agreed upon objective. The purpose of an MOA is to have a written formal understanding of the agreement between parties.

A memorandum of sale is a document that records the amount of money being paid for a property. It includes the names of both the property seller and buyer, and the names of the solicitors dealing with both parties.

A memorandum of agreement is a proposed transaction summary that is circulated to lawyers and brokers representing both the buyer and the seller after an accepted offer has been negotiated.

Can you back out of an accepted offer? The short answer: yes. When you sign a purchase agreement for real estate, you're legally bound to the contract terms, and you'll give the seller an upfront deposit called earnest money.

What Happens After You Send the Memorandum of Sale? A memorandum of sale is the very first and among the most important stages of a property sale process. It implies that your estate agent, in case you are using one, is now authorized to change the listing to sold-subject to contract (STC) or under offer.

The Purchase Agreement is a sub-agreement within the wholesale real estate contract. The Wholesale Purchase Agreement states that the wholesaler can legally assign or sell the agreement to the buyer. The wholesaler then finalizes an Assignment Agreement to legally transfer their ownership rights to the buyer.

The completion date is often four weeks after exchange, but you can choose to negotiate your completion date to suit both parties. Your solicitor will transfer all necessary funds to the seller's solicitor, after which you are the legal owner of your property.

This Standard Document is a recordable instrument used to provide third parties with constructive notice of a purchase option encumbering California commercial real property.