Questions & Answers
Getting a higher offer for selling a property after signing an MOU. What to do?
Dear sir/madam,
I wanted to sell my property. I signed an MOU and the buyer paid a deposit. I got a higher offer for my property and the agent is saying that he will block the property if I do not obtain an NOC.
The MOU runs out in 5 days. Will I have to pay a penalty? Or can I just let the MOU expire as it is not attested?
Thanks!
Dear questioner,
It depends on the MOU that if you delay the execution you will pay the penalty or not.
Good morning,
The subject must be reviewed and agreed to terminate the agreement and request compensation for not completing the purchase process.
If the MOU expires, you are free to sell the apartment as the buyer didn't perform his part of the obligation.
We would however need to review all the documents. You can contact us on our phone to discuss this in detail.
