Serious money is usually between 2% and 5% of the purchase price and is only refunded in case of problems with the property during an inspection or the execution of another due diligence. If you do not have a sales contract, you may not understand your contractual rights and obligations, the economic consequences of the risks and the remedies and protection available to you legally. This agreement provides a solid foundation and framework for all stages of an otherwise complex process and provides ways to remedy and correct them in the event of a problem. If you know that you want to buy or sell certain goods, but you have not agreed on all the details or are not willing to sign a sales contract, you can first sign a memorandum of understanding to describe the terms and negotiation agreement. Here are some examples of potential sellers and buyers who need to use this agreement. Implied warranties do not automatically apply if sellers exclude or clearly modify them in a written record such as.B. a contract of sale. . . .