![]() To finalise any such conditions and terms, you are needed to enter into a formal and legally binding contract with the other party or parties. In the case of real estate MOUs, this means that even if you have agreed upon certain conditions and drafted an MOU after negotiations, it does not provide you with any rights whatsoever regarding the property. Does not provide any substantial rights: Continuing from the previous feature, an MOU also does not give any of the involved parties any substantial rights regarding the contents included. ![]() This means that the document cannot be presented in the court of law as a legally binding document and cannot be enforced with the help of the law. While it is less formal than a legally binding agreement or contract, it is considerably more formal than verbal agreements and handshakes. ![]() ![]() It only acts as an informal agreement that the two parties have negotiated and decided.
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