What Is A Memorandum Of Sale?
It is a document that is created once a sale has been agreed on a property. 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.
It will also show:
The name and address of both the buyer and the seller
Details of the solicitors that will be handling the transaction
Important details about the property the offer has been agreed on
Which mortgage lender will finance the purchase (if applicable)
It’s, therefore, a record of the sale and purchase that is about to happen (assuming the transaction will complete). While there are no legal implications to the document, it does seek to clarify and confirm the details of the agreed transaction.
It is usually the sellers’ estate agent that provides 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.
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.
Hope that helps
Mau Investments – Property Solutions made easy
dennis@mauinvestments.co.uk or Tel: 01 332981666