Document background
The Memorandum Of Understanding Between Buyer And Seller Of Land is a preliminary document commonly used in United States real estate transactions to establish the fundamental understanding between parties before proceeding with a formal purchase agreement. This document typically precedes due diligence activities and formal contract negotiations, serving as a roadmap for the transaction. It includes essential elements such as property details, proposed purchase price, timeline, and key conditions, while remaining typically non-binding in nature. This MOU is particularly useful in complex land transactions where parties need to document their initial understanding while maintaining flexibility for detailed negotiations.
