Memorandum of Understanding 

Property (defined in Annexure II, hereby referred as Property) 

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First Party (hereby referred as Purchaser) 

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Name  Email  Mobile  ID Type - ID No. 
       

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Address   

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Additional Services  ✔ Legal ✔ Loan 

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Second party (hereby referred as Seller) 
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Name  Email  Mobile  ID Type - ID No. 
       
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Address   
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Third party (M/s Linking Spaces Technologies Pvt. Ltd., hereby referred as Settlin) 
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The expressions Purchaser, Seller and Settlin shall unless excluded by or repugnant to the meaning or 
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context thereof be deemed to include its successors and assigns of the respective Part.  
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Signature           

  Seller    Purchaser    Settlin 

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Memorandum of Understanding 

Property ID    Date    

Settlement Summary   

Sale Value    (In Words)   

Advance    (In Words)   

Number of days for procuring legal opinion and bank verification    

Cheque #    Dated   

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Terms of understanding between Seller, Purchaser and Settlin: 

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1. The Purchaser has given an advance (amount mentioned in Settlement Summary), as an expression of 
interest in buying the Property. 

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2. This advance has been given to Settlin. If desired by the seller, Settlin will forward 10% of the advance or 
INR 20,000, whichever is lower, to the Seller, so that Seller can procure the documents. The same will 

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have to be refunded (if required) based on terms of clause no. 6 or will be adjusted in the total sale 
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consideration. The amount will credited to the account details mentioned or enclosed with this documents 
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within 7 days post realization of the advance received from Purchaser. 
3. The remaining advance will be held by Settlin. 
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4. The Purchaser will have maximum 15 days (or the number of days mentioned in the Settlement 
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Summary) from the date of procurement of all the documents by the Seller to get the legal & loan 
verification done. 
5. The list of documents required in addition to those provided today, should be communicated within 7 days 
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from today on mail. Additional time required for the procurement of the same or for legal verification 
following the procurement of new set of documents or for bank verification will be communicated and 
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agreed in writing by and between the parties and Settlin (or mail). 
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6. The advance (remaining with Settlin) will be returned in totality to the Purchaser 
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a. If legal opinion taken by the Purchaser based on the property documents is dissatisfactory, or 
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b. If the loan is denied against the property by the Purchaser’s bank, or 
c. If Seller fails to produce the required documents or denies to proceed ahead for any reason. 
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d. In the above case (c), Seller is liable to return the part of the advance received (if any) from Settlin 
to the Purchaser. Settlin will not be responsible to refund this part of the amount to the Purchaser. 
 
 
Signature           

  Seller    Purchaser    Settlin 

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Memorandum of Understanding 

Property ID    Date    

7. If the Purchaser cancels the transaction for any other reason, the entire advance OR INR 1,00,000 (1 lakh 
only), whichever is lower, will be taken as penalty and the balance of the advance will be refunded to the 
Purchaser. INR 20,000/- (Rupees Twenty Thousands only) + taxes out of the penalty will be taken by 
Settlin for the expenses incurred and balance will be credited/transferred to the seller. 

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8. The entire advance will be adjusted in the final sale price to be paid to the Seller and may also be adjusted 

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in the service fee to be paid to Settlin. 
9. If Seller cancels or postpones the transaction for a period not agreeable to Purchaser, a fee of INR 

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20,000/- (Rupees Twenty Thousands only) + taxes will be applicable to Seller, payable to Settlin.  
10. Settlin will make all the monetary transfers to the Seller’s Account Details provided in Annexure III, and to 

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the Buyer’s Account from which the advance was received. 

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11. Settlin is merely a mediator, and apart from holding the advance, it takes no other liability, especially 
against misrepresentation by any of the parties. 
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12. Any refund applicable between either of three parties based upon above understanding will have to be 
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made maximum within 7 days of written acknowledgement such dues. No interest for that period will be 
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applicable to any party on any amount. 

Understanding raise dispute against each other, the matter will be referred for arbitration. The parties will 
decide on the mechanism for appointment of an Arbitrator. For any matter or dispute, Courts of Bangalore 
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will have the jurisdiction. 

Additional   
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Notes 
 
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Signature           

  Seller    Purchaser    Settlin Representative 

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Memorandum of Understanding 

Annexure I - Settlin Details 

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IFSC code: HDFC0000184 

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PAN : AADCL0734A 
 

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Annexure II - Property Details 

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Annexure III - Seller Account Details 

 
 
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Memorandum of Understanding 

Enclosures : 
 
1. Self attested copy of Aadhar & Pan card from Seller/s. 
2. Self attested copy of Aadhar & Pan card from Purchaser/s. 
3. Copy of Schedule of Property as mentioned in last sale deed. 
4. List of movable fittings and Furnishings in the property additional to above schedule. 
5. Copy of cancelled cheque of Seller 
6. Copy of Advance payment cheque/DD 

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Notes (if any): 

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