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Discussion Starter · #1 ·
I have signed an MOU with a buyer for my apartment but the sale does not seem to be proceeding.
The buyer seems to keep delaying things he hasn't even had the valuation done by the bank in three weeks.
I can't afford to wait forever as the MOU only really becomes enforceable by me once the valuation is agreed to by his bank.
I have not paid 10% deposit but buyer has.
I don't want his money but wanted to know my obligation in this case - do I have to wait till MOU expires ?

Am I tied to this buyer until he decides to progress ?
 

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I think the old school systems are in play here whereby anything that is signed and on paper is a legal binding document in the eyes of the law. Cant you just call the buyer and ask him simply if he intends to buy or not? I would have thought that would at least give you some indication as to where you stand.
 

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i think cautious mover may be right. personally, i'd just confront him about it. if three weeks have already passed, how much time is actually left? did you not also add the clause that both parties must do their due diligence in a timely manner otherwise they aren't fulfilling their end of the contract?

we also added a clause stating that if either buyer or seller bowed out of the sale [or failed to do what needed to be done by the expiry date] then there was a penalty to be paid for terminating the sale.

do you have anything like that going for you?
 

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Is the MOU notarized by the courts ?
 

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Discussion Starter · #5 ·
Is the MOU notarized by the courts ?
No, I just sent a scan copy to the broker of signed sale agreement with addendum referring to valuation.
I don't want to enforce any penalty, just want to cancel or ignore the agreement.
I can't speak to the buyer direct, I'm having to deal with broker only who comes up with one excuse after another.
 

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Standard MOUs are 4 weeks. Keep all communications in writing with your broker. Let him know on advance that you won't be extending the MOU as the delay, as you say, is not for any legitimate reasons.
 
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