MEMORANDUM OF UNDERSTANDING <br />This Memorandum of Understanding (“MOU”) is entered and executed by and between: <br />B...
Broking stone MOU for villa or bungalow seller
Broking stone MOU for villa or bungalow seller
Broking stone MOU for villa or bungalow seller
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Broking stone MOU for villa or bungalow seller


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Broking stone MOU for villa or bungalow seller

  1. 1. MEMORANDUM OF UNDERSTANDING <br />This Memorandum of Understanding (“MOU”) is entered and executed by and between: <br />Broking Stone property consultant, a Broking Stone property consultant, having its office situated at House No. 5, Jackni, Parra, Bardez-Goa: 403510), India, (hereinafter to be referred to as “Broking Stone property consultant”), which expression shall include its executors, administrators and assigns of the First Part; <br />And <br />(Name of the Construction Company) a Company incorporated under the provisions of the Companies Act, 1956, having its office situated at (Address of the Construction Company), (hereinafter to be referred to as “Developer”), which expression shall include its executors, administrators and assigns of the Second Part; <br />Broking Stone property consultant and the Developer shall collectively be referred as to the “Parties” and individually be referred as “Party” where the context permits.<br />WHEREAS Broking Stone property consultant has established independent network of real estate brokers in Goa<br />AND WHEREAS the Developer is engaged in the business of construction of housing & Commercial complex and is currently building the complex named “(NAME OF THE PROJECT)” at (Address of the project) (hereinafter to be referred as “the Project”); <br />AND WHEREAS Broking Stone property consultant represented that the real estate transactions in terms of this MOU shall be done only by BROKING STONE Network and Broking Stone property consultant is only signing this MOU for and on behalf of BROKING STONE Network; <br />AND WHEREAS Broking Stone property consultant and the Developer after various discussions and meetings agreed to appoint BROKING STONE Network exclusively to list the Project on its website and assist the Developer in selling the units of the Project to the customer on the terms and conditions referred hereinafter: <br />NOW THEREFORE, in consideration of the promises, mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the Parties agree as follows:<br />1. EXCLUSIVE AUTHORITY TO SELL/LEASE PROPERTY: The Developer gives BROKING STONE Network EXCLUSIVE RIGHT TO SELL _____ units, more particularly described in Schedule A attached hereto (“hereinafter to be referred to as “(Villa/Bungalows)”) of the Project at the price and terms described below. It is acknowledged that this MOU does not guarantee a sale. The Flat/Apartment(s) will be offered to any person without regard to race, color, religion, sex, handicap, familial status, national origin or any other factor protected by law of India. The Developer represents and confirms to Broking Stone property consultant that he is the absolute owner of the said Villa/Bungalows with all rights to sell the same. The Developer hereby agrees that he will not give the right to sell the Villa/Bungalows to any third party during the tenure of this MOU. <br />2. LISTING PRICE: The Developer instructs to market the Villa/Bungalows of the Projects at the following price: <br />The Developer agrees to sell the Villa/Bungalows for the Listing Price or any other price acceptable to the Developer. <br />3. TERM: This listing begins on ____________ and ends at 11:59 p.m. on ____________.<br />Upon full execution of a contract for sale and purchase of the Flat/Apartment(s) or any other document transferring the right of Flat/Apartment in favour of the customer, all rights and obligations of this MOU will automatically extend through the date of the actual closing of the sales contract fixed for three months.<br />4.OBLIGATIONS AND AUTHORITY OF BROKING STONE PROPERTY CONSULTANT: Broking Stone property consultant agrees to make diligent and continued efforts to sell the Villa/Bungalows through BROKING STONE Network. The Developer authorizes BROKING STONE Network to:<br />(a) Advertise the Property as BROKING STONE Network deem advisable in newspapers, publications, computer networks, including the Internet and other media; place appropriate transaction signs on the Property, including “For Lease / Sale” signs and “Sold” signs (once the Developer signs a Lease / Sales contract); and use the Developer’s name in connection with marketing or advertising the Property;<br />(b)Obtain information relating to the present mortgage(s), if any on the Villa/Bungalows/Project. <br />(c)Place the property in a multiple listing service(s). The Developer authorizes BROKING STONE Network to report to the BROKING STONE listing website this listing information and price, terms and financing information on any resulting sale. The Developer authorizes BROKING STONE Network, the BROKING STONE listing website to use, license or sell the active listing and sold data.<br />(d)Provide objective comparative market analysis information to potential buyers, if any; and<br />(f) Act as a transaction broker.<br />The Developer is advised to secure or remove valuables. The Developer agrees that the lock box is for Developer’s benefit and releases Broking Stone property consultant, BROKING STONE Network and persons working through BROKING STONE Network from all liability and responsibility in connection with any loss that occurs. <br />5.DEVELOPER’S OBLIGATIONS: In consideration of Developer’s obligations, Developer agrees to:<br />Cooperate with BROKING STONE Network in carrying out the purpose of this MOU, including referring immediately to BROKING STONE Network all inquiries regarding the Flat/Apartment’s transfer, whether by Lease / Sale or any other means of transfer.<br />Cooperate and permit BROKING STONE Network, its affiliates, executives/agents/lawyers etc. at all reasonable hours during the subsistence of this MOU to inspect the condition of the Villa/Bungalows and all documents in original and to leave notice of all process/procedures the Developer has to undertake in order to update all documents as required by the prospective buyers. <br />Provide BROKING STONE Network and/or its executives with keys to the Villa/Bungalows and make the Villa/Bungalows available to show during reasonable times.<br />Inform BROKING STONE Network prior to leasing, mortgaging or otherwise encumbering the Villa/Bungalows.<br />Subsequent to inspection of title documents if it is found that title document of the Developer have to be updated before concerned authorities or any payment of taxes, cess and levies, etc are to be made to the concerned revenue authorities etc., the job of applying, processing and obtaining such paid receipts, license, certificates, extracts, etc. may be taken up by BROKING STONE Network on the payment of process fee that shall be determined by BROKING STONE Network on a case to case basis, payable by the Developer. The Developer shall bare all payment of taxes, cess, levies, etc to be made to the concerned authorities with regard to the Villa/Bungalows. However, the time delay involved in undertaking such jobs of applying, processing and obtaining such paid receipts, license, certificates, extracts, etc shall not have any bearing on the time period / duration of this MOU.<br />6.BROKERAGE: The Developer shall pay to BROKING STONE Network 2% Brokerage on Sale plus applicable taxes including service tax for procuring a customer/buyer who is ready, willing and able to purchase the Flat/Apartment or any interest in the Flat/Apartment on the terms of this MOU or on any other terms acceptable to the Developer. BROKING STONE Network’s fee is due in the following circumstances: <br />(1)If any interest in the Flat/Apartment is transferred, whether by sale, lease, exchange, governmental action, bankruptcy or any other means of transfer, through BROKING STONE Network. <br />(2)If the Developer refuses or fails to sign an offer at the price and terms stated in this MOU, defaults on an executed sales contract or agrees with a buyer to cancel an executed sales contract. <br />(3)If, within __________ days after Termination Date (“Protection Period”), the Developer transfers or contracts to transfer the Flat/Apartment(s) or any interest in the Flat/Apartment(s) to any prospects with whom the Developer, BROKING STONE Network or any real estate licensee communicated regarding the Villa/Bungalows prior to Termination Date. However, no fee will be due if the Flat/Apartment is relisted after Termination Date and sold through another broker.<br />7.TERMINATION: On BROKING STONE Network not being able to identify any prospective buyers, this MOU will be terminated automatically as on _____________, upon which the Developer shall re-deliver all papers in their possession with regard to the Villa/Bungalows and remove all signage, temporary structures, etc. from the Villa/Bungalows/Project and shall return its status to as before signing this MOU thereto without any claim for compensation on that account. On the other hand the Broking Stone property consultant and/or BROKING STONE Network will not be liable to compensate the Developer for any reason whatsoever for not selling the Villa/Bungalows.<br />8.FORCE MAJEURE: No party shall be liable for failure to perform any obligation of such party hereunder to the extent and for such period as such failure is due, in whole or in part, to the occurrence of any condition beyond the control of such party, including without limitation, war (whether an actual declaration is made or not), embargo, blockade, sabotage, insurrection, rebellion, riot or other act of civil disobedience, act of a public enemy, act of any Government or any agency or subdivision thereof (including any governmental approval(s) required in connection with approval of any of the transactions contemplated hereby), judicial action, labour dispute, strike, lock-out, other labour or industrial disturbances, fire, accident, explosion, epidemic, quarantine, restrictions, storm, flood, earthquake or other act of god, which condition has been reasonably provided against and which, cannot be overcome by due diligence.<br />9.WAIVER: Neither the waiver by any party of a breach of, or a default under, any of the provisions of this MOU, nor the failure of any party, on one or more occasions, to enforce any of the provisions of this MOU or to exercise any right or privilege hereunder shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as waiver of any of such provisions, rights, or privileges hereunder.<br />10.NOTICES: All notices and demands hereunder shall be deemed properly given if (i) personally delivered, or (ii) sent through Registered Post Acknowledgement Due, to the first Party or to second Party on the address first hereinabove mentioned. <br />11.ENTIRE AGREEMENT: This MOU comprises the entire understanding between the Parties with respect to the subject matter hereof and supersedes all prior representations, negotiations, writings, understandings, and agreements with respect thereto.<br />12.ARBITRATION: The parties shall attempt to resolve any dispute in connection with this Agreement through amicable good faith discussions. Any dispute arising in connection with the terms of this Agreement which have not been resolved pursuant to amicable negotiations and which cannot be resolved within 30 days from the date of such notice of dispute or difference shall be referred to arbitration. The proceedings of such arbitration shall be governed by the provisions of the Indian Arbitration and Conciliation Act, 1996 or any modification or re-enactment thereof for the time being in force. The award shall be binding on the Parties.<br />13.GOVERNING LAW: This Agreement shall be governed by and construed in accordance with the laws of India.<br />14.JURISDICTION: For all purposes competent Courts here in Goa will have jurisdiction to deal with any disputes that may arise on account of violations of the covenants stipulated in this MOU. <br />IN WITNESS WHEREOF, the parties have executed this Agreement on the day, month and year first above mentioned. <br />Form: Broking Stone property consultant<br />Name: Shravan T. Mirajkar<br />Title: General Manager<br />Date: ______________<br />Place: Parra-Goa, India<br />For ______________________________________________________________ Pvt. Ltd. (name of the Seller /Construction Company)<br />Name: ____________________________________<br />Title: ______________________________________ <br />Date: _________________<br />Place: Parra-Goa, India<br />(Signature)<br />