Sample MOU for Property Purchase in Dubai

1. Introduction This Memorandum of Understanding (MOU) is entered into on [Date] by and between:

Buyer: [Buyer's Full Name] Address: [Buyer's Address] Contact Information: [Buyer's Phone Number and Email]

Seller: [Seller's Full Name] Address: [Seller's Address] Contact Information: [Seller's Phone Number and Email]

2. Purpose The purpose of this MOU is to outline the terms and conditions under which the Buyer intends to purchase, and the Seller intends to sell, the property located at [Property Address], Dubai, UAE.

3. Property Details

• Property Type: [e.g., Residential/Commercial]
• Description: [Detailed description of the property including size, number of rooms, amenities, etc.]
• Legal Description: [Provide legal description of the property, including plot number, and any other relevant details.]

4. Purchase Price

• Total Purchase Price: AED [Amount]
• Payment Terms: The Buyer agrees to pay the Purchase Price as follows:
  • Deposit: AED [Deposit Amount] to be paid upon signing this MOU.
  • Balance: AED [Remaining Amount] to be paid upon completion of the transaction.

5. Deposit and Payment

• The Deposit will be held in escrow by [Escrow Agent/Bank Name].
• The balance payment will be made through [Payment Method, e.g., bank transfer] on the date of completion of the property transaction.

6. Due Diligence

• The Buyer shall have the right to conduct due diligence on the property, including but not limited to, property inspections, title searches, and verification of ownership.
• The Seller agrees to provide all necessary documents and access to the property for such purposes.

7. Completion Date

• The transaction is expected to be completed on or before [Completion Date], subject to the fulfillment of all conditions and requirements stipulated in this MOU.

8. Conditions Precedent

• This MOU is subject to the following conditions:
  • Obtaining all necessary approvals from relevant authorities.
  • No material adverse change in the property condition or legal status.

9. Confidentiality

• Both parties agree to keep all information pertaining to this transaction confidential, except as required by law.

10. Governing Law

• This MOU shall be governed by and construed in accordance with the laws of Dubai, UAE.

11. Dispute Resolution

• Any disputes arising out of or in connection with this MOU shall be resolved through arbitration in Dubai, UAE.

12. Non-Binding Nature

• This MOU is intended to serve as a basis for the negotiation of a formal contract. It is not legally binding on either party except for the confidentiality provisions.

13. Signatures

• Signed on [Date]

Buyer: [Buyer's Full Name]
Signature: __________________________

Seller: [Seller's Full Name]
Signature: __________________________

14. Attachments

• Property details and specifications.
• Copy of the Seller’s property title deed.
• Proof of Buyer’s financial capability.