In cases where a sale has been agreed without an estate agent, it would be down to the seller of the property (or a representative of theirs) to issue the memorandum of sale. Since the estate agent selling the property is often due a commission when the sale completes, it makes sense that they prepare the memorandum of sale. It is usually the sellers’ estate agent that provides the memorandum of sale. While there are no legal implications to the document, it does seek to clarify and confirm the details of the agreed transaction. It’s, therefore, a record of the sale and purchase that is about to happen (assuming the transaction will complete). Which mortgage lender will finance the purchase (if applicable).Important details about the property the offer has been agreed on.Details of the solicitors that will be handling the transaction.The name and address of both the buyer and the seller.It’s not a legally binding document but it does set out the agreed price and declares the intention of both the buyer and seller to complete the transaction. What Is A Memorandum Of Sale In Property?Ī memorandum of sale is a document that is created once a sale has been agreed on a property. But, fear not as we are about to explain everything you need to know about this important document. However, it’s perfectly normal to be confused by this term. If you are in the process of selling a property, you may be asking yourself the question ‘what is a memorandum of sale?’.Ī memorandum of sale is often mentioned by estate agents on the assumption you’ll know what it is.
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