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  • Memorandum of agreement form

    Can anyone confirm what a memorandum of agreement form is? I took a look at a form given to me by an agent based in the Hudson Valley NY, and it looks basically like a deal sheet, or transaction summary, that we're used to here in NYC. It was also interesting to see this at the footer:

    Buyer understands and acknowledges that if the Seller verbally accepts the Buyer’s offer, that such acceptance is not binding on the seller until there is a binding written contract for the sale or lease of the property. Seller has a legal right to accept any other offer and make counter offers to other prospective buyers until there is a binding written contract for the sale or lease of the property. The realtor, as agent of the Seller, is legally obligated to continue to communicate all offers to the Seller until the transaction closes.

    The form was otherwise pretty basic, here's an example that we made up:
    Date: November 16, 2018 MLS #: 9383492
    Property Address: 12 Tarrytown Avenue, Westchester, NY 10520
    Sale Price: $800,000 Closing Date: On or about February 1, 2019
    Terms/Contingencies: 20% down. 10% at contract signing. 10% at closing. 80% mortgage. Contingent on mortgage and inspection. Air conditioning and heat to be working at final walk-through. Commission Due Westchester Realty LLC: 2.5% of Selling Price
    Inclusions:
    Exclusions:
    Seller(s): Buyer(s):
    Address: Address:
    City, State ZIP: City, State ZIP:
    Sellers Attorney: Buyer’s Attorney:
    Firm Name: Firm Name:
    Address: Address:
    City, State ZIP: City, State ZIP:
    Tel: Tel:
    Fax: Fax:
    Email: Email:
    Broker: Broker:
    Address: Address:
    City, State ZIP: City, State ZIP:
    Agent(s): Agent(s):
    Cell: Cell:
    Email: Email:
    Agent Lic. ID: Agent Lic. ID:
    Brokerage Lic. #: Brokerage Lic. #:

  • #2
    Yup, looks like another name for a deal sheet, or transaction summary, similar to what you'd see in the NYC real estate market. My buddy who's selling a multi-family property in Westchester recently got an accepted offer. See below for what the agents apparently use in lieu of a REBNY deal sheet up here. I've left some of the non identifying info in, as it's interesting to see how some of the inspection/contingency/inclusion/exclusion items are different from your typical apartment sale in New York City.

    Memorandum of Sale
    For Single-Family and Multi-Family Only
    (Fact Sheet)

    Date:
    Subject Property:

    Terms of Contract

    Sale Price: ____________________ Closing Date: ____________________ Seller’s Concession: $__________________
    Financing: 10% cash deposit paid at signing $148,500; 30% cash paid at closing $451,500; 60% financed $885,000
    Inspections: Home Inspection, Radon Test, Lead Water Test
    Additional Notes: Offer is contingent upon inspection, appraisal and mortgage
    Comments: All outstanding permits will be closed prior to closing
    Real and Personal Property Included: All window shades and treatments included, All light fixtures included exclpet dining room chandelier
    Real and Personal Property Excluded: Chandelier over dining table excluded

    If this dwelling was built prior to 1978, Seller will provide the Buyer with either a 10 day opportunity from the date of accepted offer or mutually agreed upon period within which to conduct an inspection of risk assessment for the presence of lead-based paint and/or lead-based hazard(s).

    BUYER INFORMATION SELLER INFORMATION

    Name: __________________________________________________ Name: __________________________________________________
    Hm Tel #: ___________________ Wk Tel #: ___________________ Hm Tel #: ___________________ Wk Tel #: ___________________
    Cell #: __________________________________________________ Cell #: __________________________________________________
    Address: ________________________________________________ Address: ________________________________________________
    __________________________________________________ _____ __________________________________________________ ______
    Email: __________________________________________________ Email: __________________________________________________
    Name: __________________________________________________ Name: __________________________________________________
    Hm Tel #: ___________________ Wk Tel #: ___________________ Hm Tel #: ___________________ Wk Tel #: ___________________
    Cell #: __________________________________________________ Cell #: __________________________________________________
    Address: ________________________________________________ Address: ________________________________________________
    __________________________________________________ _____ __________________________________________________ ______
    Email: __________________________________________________ Email: __________________________________________________

    BUYER ATTORNEY SELLER ATTORNEY

    Name: __________________________________________________ Name: __________________________________________________
    Firm Name: ______________________________________________ Firm Name: _____________________________________________
    Address: ________________________________________________ Address: ________________________________________________
    __________________________________________________ _____ __________________________________________________ ______
    Tel # _____________________ Fax #: ________________________ Tel # _____________________ Fax #: ________________________
    Cell #: __________________________________________________ Cell #: __________________________________________________
    Email: __________________________________________________ Email: __________________________________________________

    SALES ASSOCIATE LISTING ASSOCIATE

    Name: _______________________________Lic Id:______________ Name: ______________________________Lic Id:______________
    Name: _______________________________Lic Id:______________ Name: ______________________________Lic Id: ______________
    Broker’s Name: _______________________ Lic Id:______________ Broker’s Name: ______________________ Lic Id:______________
    Broker’s Address: _________________________________________ Broker’s Address: ________________________________________
    __________________________________________________ _____ __________________________________________________ _____
    Office Tel #: ___________________ Fax: _____________________ Office Tel #: ___________________ Fax: _____________________
    Cell #: __________________________________________________ Cell #: __________________________________________________
    Email: __________________________________________________ Email: __________________________________________________
    Commission %: __________________________________________ Commission %: _________________________________________

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