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FAQ's on Memorandum of Understanding (MOU) for Sale of Property

The contract known as an MOU, is made up of two parties. A legally legitimate and significant document in the case is one that has been notarised in accordance with the law. Simply because a document is not registered does not render it invalid.
MOUs typically do not require payment of stamp duty. However, the MOU should be stamped if it contains a commitment to buy real estate worth more than ₹100 and you need to present it in court.
An MOU is often drafted by a lawyer. The following information should be clearly stated in an MOU: the parties involved, the agreement's context, the proposed date on which it will go into effect, the contacts for all pertinent parties, the agreement's main purpose, and what each party hopes to accomplish, as well as a space for all required signatures.

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