Affadavit & Memorandum of Option 1 Party Agreement
Why Memorandum of Option is needed?
There are always problems associated with selling and buying a property. Often these problems can be very big. To prevent these problems from happening repeatedly, there is a series set of rules was established by the government. These agreements are designed for mutual benefits. Not only limited to that even government comes to know about the transactions. However, as I stated above this is not the primary motive. The motive is to create harmony between the buyer and the seller during these transactions.
In order to do that government put forth so many rules and regulations. One such provision is what we are about to see here. It is an affidavit and memorandum of option agreement for purchase and sale of land or a property. Since, Seller is the owner of that certain real property located in so and so, and where the Seller desires to sell the property to Buyer and to grant to Buyer the sole exclusive right and option to purchase the Property on the terms and conditions.
On the other hand, the Buyer desires to acquire the sole exclusive right and option to purchase the Property on the terms and conditions’ hereafter stated. Therefore, in consideration of the mutual agreements and covenants where the seller decided to give the buying right, and the buyer decides to take the buying rights a form is created. With the help of a lawyer, these forms should be signed duly by both parties to proceed with the property selling further these had been created.
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