Memorandum of agreement form

[aslan]

Can anyone confirm what a memorandum of agreement form is? I took a look at a form given to me by an agent based in the Hudson Valley NY, and it looks basically like a deal sheet, or transaction summary, that we're used to here in NYC. It was also interesting to see this at the footer:

Buyer understands and acknowledges that if the Seller verbally accepts the Buyer’s offer, that such acceptance is not binding on the seller until there is a binding written contract for the sale or lease of the property. Seller has a legal right to accept any other offer and make counter offers to other prospective buyers until there is a binding written contract for the sale or lease of the property. The realtor, as agent of the Seller, is legally obligated to continue to communicate all offers to the Seller until the transaction closes.

The form was otherwise pretty basic, here's an example that we made up:

Date:	November 16, 2018	MLS #:	9383492
Property Address:	12 Tarrytown Avenue, Westchester, NY 10520
Sale Price:	$800,000	Closing Date:	On or about February 1, 2019
Terms/Contingencies:	20% down. 10% at contract signing. 10% at closing. 80% mortgage. Contingent on mortgage and inspection. Air conditioning and heat to be working at final walk-through. Commission Due Westchester Realty LLC: 2.5% of Selling Price
Inclusions:
Exclusions:
Seller(s):		Buyer(s):
Address:		Address:
City, State ZIP:		City, State ZIP:
Sellers Attorney:		Buyer’s Attorney:
Firm Name:		Firm Name:
Address:		Address:
City, State ZIP:		City, State ZIP:
Tel:		Tel:
Fax:		Fax:
Email:		Email:
Broker:		Broker:
Address:		Address:
City, State ZIP:		City, State ZIP:
Agent(s):		Agent(s):
Cell:		Cell:
Email:		Email:
Agent Lic. ID:		Agent Lic. ID:
Brokerage Lic. #:		Brokerage Lic. #:

[ryan_gz]

Yup, looks like another name for a deal sheet, or transaction summary, similar to what you'd see in the NYC real estate market. My buddy who's selling a multi-family property in Westchester recently got an accepted offer. See below for what the agents apparently use in lieu of a REBNY deal sheet up here. I've left some of the non identifying info in, as it's interesting to see how some of the inspection/contingency/inclusion/exclusion items are different from your typical apartment sale in New York City.

Memorandum of Sale
For Single-Family and Multi-Family Only
(Fact Sheet)

Date:
Subject Property:

Terms of Contract

Sale Price: ____________________ Closing Date: ____________________ Seller’s Concession: $__________________
Financing: 10% cash deposit paid at signing $148,500; 30% cash paid at closing $451,500; 60% financed $885,000
Inspections: Home Inspection, Radon Test, Lead Water Test
Additional Notes: Offer is contingent upon inspection, appraisal and mortgage
Comments: All outstanding permits will be closed prior to closing
Real and Personal Property Included: All window shades and treatments included, All light fixtures included exclpet dining room chandelier
Real and Personal Property Excluded: Chandelier over dining table excluded

If this dwelling was built prior to 1978, Seller will provide the Buyer with either a 10 day opportunity from the date of accepted offer or mutually agreed upon period within which to conduct an inspection of risk assessment for the presence of lead-based paint and/or lead-based hazard(s).

BUYER INFORMATION SELLER INFORMATION

Name: __________________________________________________ Name: __________________________________________________
Hm Tel #: ___________________ Wk Tel #: ___________________ Hm Tel #: ___________________ Wk Tel #: ___________________
Cell #: __________________________________________________ Cell #: __________________________________________________
Address: ________________________________________________ Address: ________________________________________________
__________________________________________________ _____ __________________________________________________ ______
Email: __________________________________________________ Email: __________________________________________________
Name: __________________________________________________ Name: __________________________________________________
Hm Tel #: ___________________ Wk Tel #: ___________________ Hm Tel #: ___________________ Wk Tel #: ___________________
Cell #: __________________________________________________ Cell #: __________________________________________________
Address: ________________________________________________ Address: ________________________________________________
__________________________________________________ _____ __________________________________________________ ______
Email: __________________________________________________ Email: __________________________________________________

BUYER ATTORNEY SELLER ATTORNEY

Name: __________________________________________________ Name: __________________________________________________
Firm Name: ______________________________________________ Firm Name: _____________________________________________
Address: ________________________________________________ Address: ________________________________________________
__________________________________________________ _____ __________________________________________________ ______
Tel # _____________________ Fax #: ________________________ Tel # _____________________ Fax #: ________________________
Cell #: __________________________________________________ Cell #: __________________________________________________
Email: __________________________________________________ Email: __________________________________________________

SALES ASSOCIATE LISTING ASSOCIATE

Name: _______________________________Lic Id:______________ Name: ______________________________Lic Id:______________
Name: _______________________________Lic Id:______________ Name: ______________________________Lic Id: ______________
Broker’s Name: _______________________ Lic Id:______________ Broker’s Name: ______________________ Lic Id:______________
Broker’s Address: _________________________________________ Broker’s Address: ________________________________________
__________________________________________________ _____ __________________________________________________ _____
Office Tel #: ___________________ Fax: _____________________ Office Tel #: ___________________ Fax: _____________________
Cell #: __________________________________________________ Cell #: __________________________________________________
Email: __________________________________________________ Email: __________________________________________________
Commission %: __________________________________________ Commission %: _________________________________________