![]() ![]() The memorandum of sale also gives third parties (such as mortgage lenders and solicitors) the information that they need to put things in motion with regards to mortgage applications, legal proceedings and so on.Įssentially the signing of a memorandum of sale is the first important step of the buying and selling process. This is important for the buyer as it reduces the chances of being ‘gazumped’. It is an official document that allows the estate agent or seller to take your property off the market. The memorandum of sale is important because it provides confirmation that the property sale has been agreed upon by the buyer and seller. For example if the sale is an auction sale, additional details may be required. Any other special conditions or remarks.Special conditions of sale, which covers things like fixtures and fittings to be included as part of the sale.A statement as to whether legal ownership of the property has been checked.These dates are used as an indication, and are not binding. Details of the proposed timescale for contract exchange and completion.Details of any property chain the buyer and seller might be involved in.The land registration number of the property.If the sale is a quick cash property sale.If the property is a leasehold, the memorandum should contain some details about the lease Whether the property is a leasehold or freehold.Solicitors’ details for both the buyer and seller.Contact details for both the buyer and seller.In the majority of cases the memorandum of sale contains the following critical details: The memorandum of sale is a written confirmation of the important detail of a property transaction and is typically sent via email or post to solicitors representing the buyer and seller. A memorandum of sale acts not only as a confirmation of the sale (although not legally binding) but also as a source of information for mortgage advisors and solicitors to start the application and legal processes associated with a sale. It is literally a record of the sale and purchase particulars of a property that is yet to take place. ![]() In very simple terms a memorandum of sale is a document that details the ‘sale agreed’ portion of a property purchase. ![]()
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