Memorandum of Understanding..
Querist :
Anonymous
(Querist) 26 December 2010
This query is : Resolved
Hi,
Our father bought a land from a Power of attorney holder in 2003 by paying the agreed consideration. Before he could get his name on 7x12 extract he died in 2004.
And the actual owner(whose name is on the extract)didn't allow us to have possession of this land.
Following this we filed a legal suit against him claiming our right to get possession. It's still pending in court.
In the mean while now a 3rd party has shown interest in buying this land from us paying a agreed consideration much less than the current market value considering the legal suit pending & taking the responsibility to tackle, deal & negotiate with people having the possession of this land.
Would it be safe to sign a 'Memorandum of understanding'with this party stating the terms & conditions of the transactions like consideration price, time limit given to execute sales deed, payment terms etc.
My concerns are below:-
1). What would be the legal implications of this MOU?
2). For whatsoever reason if they couldn't colplete the transaction would it be possible for us to cancel the deal w/o having any further legal complications?
3). In that case can they claim any right on property or ask for any compensation?
4) Would this MOU stand void if any of the terms & conditions is not fulfiled by nthis party?
kindly suggest
Regards,
Anshul
Querist :
Anonymous
(Querist) 26 December 2010
Would request all for experts views
