- This topic has 7 replies, 5 voices, and was last updated 7 years, 9 months ago by .
-
Topic
-
Please give some advice re purchase offer by developer.
There is a developer contacting unit owners re selling the whole block for redevelopment. How should this work?
-
Replies
-
Have a look here where all is explained.Then go here where readers ask and answer questions (and tell their “horror” stories).
If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.
Does anyone have a template for an MOU for a collective SP sale? Would be greatly appreciated, as cannot locate online. Thanks in advance.
It would help (us and you) greatly if you refrained from using acronyms and initials. What do you mean by MOU? I’m taking a guess, but then that would be taking a guess.
If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.
A memorandum of understanding (MOU) is a nonbinding agreement between two or more parties outlining the terms and details of an understanding, including each parties’ requirements and responsibilities. An MOU is often the first stage in the formation of a formal contract.
Read more: Memorandum of Understanding (MOU) https://www.investopedia.com/terms/m/mou.asp#ixzz5YOblxn9Y
Follow us: Investopedia on FacebookI know what a Memorandum of Understanding is – pretty much what it says on the tin. I just don’t think it’s helpful – especially when there are people new to strata reading these posts for assistance – to slip into any kind of jargon, acronyms or initials. MOU also means Microsoft Office User, for instance.
If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.
Forgetting the MOU discussion. If it wasn’t obvious to the reader from the context – they can google.
My view is that you need an legal advisor for the transaction, this is normal practice in most commercial matters – this is not to say you want them to directly represent you nor negotiate but can provide assistance on such matters.
You are going to need legal support at some point anyway.
@Bn said:
Forgetting the MOU discussion. If it wasn’t obvious to the reader from the context – they can google.Yeah, because it’s easier to get every other reader to Google something than it is for the original poster to just spell things out once.
Jargon and acronyms are how people use language to create cosy groups of “experts”, making themselves feel superior, to the exclusion of the unenlightened. Just read or listen to lawyers, doctors and financiers – they might as well be talking Klingon once they get going.
Here at Flat Chat we want everyone to understand everything as immediately as possible. It’s what journalists have done for hundreds of years.
If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.