Sec. 1. Introductory Statement. Sec. 2. Closing of Transaction. Importance of Preliminary Agreement. Sec. 3. Details Which Should be Settled by the Preliminary Agreement. Sec. 4. Duty of Counsel in Closing Transaction Where Preliminary Agreement is Silent on Important Details. Sec. 5. Counsel Should Avoid Acting in Dual Capacity. Sec. 6. Broker Not to Draw Agreement. Sec. 7. To What the Vendor is Entitled. Sec. 8. To What the Vendee is Entitled. Sec. 9. Substitute for Non-assignment Clause.

Sec. 1. Introductory Statement

Usually the first step towards consummating a sale of real estate is the execution of some sort of preliminary memorandum of agreement to bind the bargain accompanied by some payment on the purchase price by the vendee. A logical arrangement of a treatise on the subject of land contracts requires treatment of such preliminary agreements in the beginning of the work.