Sample MOU for Property Purchase in Dubai

Parties Involved
This Memorandum of Understanding (MOU) is made and entered into as of [Date], by and between:

Buyer: [Buyer's Full Legal Name], residing at [Buyer's Address], hereinafter referred to as "Buyer."

Seller: [Seller's Full Legal Name], residing at [Seller's Address], hereinafter referred to as "Seller."

Purpose
The purpose of this MOU is to outline the terms and conditions for the purchase of the property located at [Property Address], Dubai, United Arab Emirates, hereinafter referred to as "Property."

Terms and Conditions

1. Property Description
   The Property is described as follows:

   • Address: [Property Address]
   • Size: [Size in Square Meters/Square Feet]
   • Type: [Type of Property: Residential/Commercial/Other]
   • Additional Features: [List of Features]

2. Purchase Price
   The total purchase price for the Property shall be [Total Purchase Price in AED]. This price is agreed upon by both Buyer and Seller.

3. Payment Terms

   • Deposit: The Buyer shall pay a deposit of [Deposit Amount in AED] upon signing this MOU.
   • Remaining Balance: The remaining balance of [Remaining Balance in AED] shall be paid by the Buyer on or before the closing date.
   • Payment Method: All payments shall be made via [Payment Method: Bank Transfer/Cash/Cheque].

4. Closing Date
   The closing date for the sale of the Property shall be on or before [Closing Date]. The closing date may be extended by mutual agreement of both parties.

5. Inspection and Due Diligence
   The Buyer shall have the right to inspect the Property and conduct due diligence prior to the closing date. The Seller agrees to provide access to the Property for such inspections.

6. Transfer of Ownership
   Upon receipt of the full purchase price, the Seller agrees to transfer ownership of the Property to the Buyer. The Seller shall deliver all necessary documents for the transfer of ownership, including but not limited to the title deed and any relevant certificates.

7. Responsibilities

   • Seller's Responsibilities: The Seller shall ensure that the Property is free from any liens, encumbrances, or legal issues that may affect the transfer of ownership.
   • Buyer's Responsibilities: The Buyer shall be responsible for all costs associated with the transfer of ownership, including but not limited to registration fees and taxes.

8. Dispute Resolution
   Any disputes arising from this MOU shall be resolved through [Dispute Resolution Mechanism: Mediation/Arbitration/Litigation] in accordance with the laws of Dubai, United Arab Emirates.

9. Confidentiality
   Both parties agree to maintain the confidentiality of the terms and conditions of this MOU and any related negotiations.

10. Governing Law
    This MOU shall be governed by and construed in accordance with the laws of Dubai, United Arab Emirates.

11. Amendments
    Any amendments to this MOU must be made in writing and signed by both parties.

12. Termination
    This MOU may be terminated by either party if the closing does not occur on or before the specified closing date, provided that such termination does not relieve either party of their obligations incurred prior to termination.

Signatures

By signing below, both parties agree to the terms and conditions outlined in this MOU.

Buyer:
Signature: _________________________
Name: [Buyer's Full Legal Name]
Date: _________________________

Seller:
Signature: _________________________
Name: [Seller's Full Legal Name]
Date: _________________________

Witnesses (if applicable):
Signature: _________________________
Name: [Witness's Full Legal Name]
Date: _________________________

Signature: _________________________
Name: [Witness's Full Legal Name]
Date: _________________________