Quote:
Originally Posted by Roshan
Well said. Ultimately, it boils down to how you are brought up. If you kick someone else's stomach, be prepared to get it back somewhere down the line.
I was talking to a friend who is an agent and he says 99% of the deals take place through MOU's and there are no problems.
I like your way of thinking. We need all the people to think like this in the secondary market.
Regards
Roshan
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Yeah MOU's are not legally binding (i believe) but nevertheless, they make you feel good about having something in writing, like a pre-contract. I dont mean to be negative but I wouldnt bother with the courts and law should somethin go wrong... because I feel like it will be a waste of money. One should do as much due diligence and research as possible before gettin involved in a transaction.... and if in the middle of transaction things go pear-shaped, one must try diplomacy.
I dont know how an MOU will stack up infront of a judge, ... you just have to be careful when doin a property transaction. There is a risk element anyway in every transaction.
This is why sometimes, I would use a good agent who has an established line of contact with the developer and can speed things up (the paperwork), instead of buyin direct from developer. You got nothing to loose, the developer pays the agent's fees, but you will get your paperwork sorted by the agent pretty quickly and professionally.
Inv.