What is a Memorandum of Sale?

The memorandum of sale is issued immediately after a sale is agreed and it serves as a written confirmation of the agreement, subject to contact. It is a standard document issued by the estate agents to both the vendors and purchasers solicitors. It is usually the starting point of any transaction and serves as a means of introducing the solicitors representing each party and confirming the basics of the sale.

The memorandum will contain the below details:

• Names of purchasers and vendors.

• Names of representation for both parties.

• Property address.

• Details of tenure. Freehold or leasehold?

• Sale price.

A memorandum will be the first point in the sale of a property. It will be supplied to all parties upon agreement of the sale to advise each solicitor of the other’s involvement and their direct contact. The vendors solicitors will then commence by sending the draft contracts to the solicitor using the information contained within the memorandum.

If the draft contract has not been issued within two weeks of the sale being agreed, we recommend asking your solicitor what the delay is.

A sales memorandum is not required in all transactions, if it is a private sale, the details that would usually be communicated by the agents can be communicated via the clients to their respective solicitors.

If you require legal assistance with your transaction, please contact us for more.