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Sign a memorandum of intent before buying an apartment: worthwhile or not? -guide

A memorandum familiar to many who have bought or sold an apartment. What is its legal significance, what should be included in it and whether it is necessary to draft such a document

Many people who are interested in buying an apartment, or alternatively selling their home, find themselves in uncertainty about how to proceed and what exactly needs to be done. Many transactions are not executed due to a misunderstanding between the buyer and the buyer, which ends in the cancellation of the purchase. One of their options is to sign a memorandum of understanding that provides the parties with mutual understanding prior to completing the transaction. However, even when drafting such a document, disputes sometimes arise that jeopardize the purchase.

Thus, for example, in a recent ruling, the court approved the sale of an apartment, which took place after the property owners had already agreed on a memorandum of understanding with a potential buyer, but after he did not meet the conditions – they sold it to another person. The ruling raises questions for apartment owners and buyers, for example: Do you have to sign a memorandum? And what to do when one of the parties violates the agreement.

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