The Memorandum of Land Contract is a crucial document in English and Welsh property transactions, used to formalize and record agreements for the sale of land or property. It serves as a binding record of the terms agreed between parties and must comply with strict legal requirements. The document is particularly important as it provides clear evidence of the transaction terms and helps prevent future disputes. It typically includes detailed information about the property, parties involved, purchase price, completion date, and any special conditions. This document is essential for land registration purposes and forms part of the formal conveyancing process.
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1. Parties: Details of vendor and purchaser including full names, addresses and company registration numbers if applicable
2. Background: Context of the transaction and brief property details establishing the intent of the parties
3. Definitions: Key terms used in the memorandum including Property, Purchase Price, Completion Date, and other relevant defined terms
4. Property Description: Detailed description of the land/property being sold including address, title number, and boundaries
5. Purchase Price: Amount agreed for the purchase and detailed payment terms including deposit arrangements
6. Completion Date: Agreed date for completion of the sale and consequences of delay
1. Conditions Precedent: Specific conditions that must be met before completion, such as planning permissions or third-party consents
2. Planning Permissions: Details of any required or existing planning permissions affecting the property
3. Special Conditions: Any special terms agreed between parties that deviate from standard conditions
1. Schedule 1 - Property Plan: Detailed plan showing the property boundaries and any relevant features
2. Schedule 2 - Title Documents: List and copies of relevant title documents and official copies
3. Schedule 3 - Rights and Easements: Details of any rights, restrictions, or easements affecting the property
4. Schedule 4 - Planning Documents: Copies of relevant planning permissions, certificates, and related correspondence
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