What is a memorandum of sale?
A memorandum of sale is the document an estate agent issues once an offer is accepted. It sets out the agreed price, the property address, and the contact details of the buyer, seller and both conveyancers. It is an administrative confirmation that allows the legal work to start, not a legally binding contract.
The memorandum of sale is often the first piece of paperwork you receive after an offer is accepted, and its formal tone can make it look far more significant than it is. It is best understood as a starting pistol for the conveyancers rather than a commitment.
What does a memorandum of sale contain?
The exact layout varies between agents, but the content is broadly standard.
- The full address of the property being sold.
- The agreed sale price and any conditions attached to the offer.
- Names and contact details for the buyer and the seller.
- Details of each side's conveyancer or solicitor.
- Whether the buyer is a first-time buyer, chain-free, or part of a chain, and their mortgage position.
Who issues it and who receives it?
The estate agent acting for the seller prepares it, usually within a few days of the offer being accepted. Copies go to the buyer, the seller and both conveyancers.
If you have not received yours within a week, it is reasonable to ask the agent for it. Conveyancers generally cannot open a file without it.
Should you check anything before the work starts?
Yes. Errors here echo through the whole transaction. Check that the price matches what you agreed, that any items you negotiated separately are recorded, and that your conveyancer's details are correct.
If anything is wrong, ask the agent to reissue a corrected version in writing rather than agreeing a change by phone.
Key takeaway
A memorandum of sale records the agreed terms and unlocks the legal process. Check the details carefully, but do not mistake it for a binding contract.
Frequently asked questions
Is a memorandum of sale legally binding?
No. In England, a property sale only becomes legally binding at exchange of contracts. A memorandum of sale simply records what has been agreed so the conveyancers can begin.
How long does a memorandum of sale take?
Agents typically issue it within a few working days of an accepted offer, once they have completed identity and proof-of-funds checks. Delays are usually caused by outstanding paperwork rather than by the document itself.
Can the details in a memorandum of sale change later?
Yes. If the price is renegotiated after a survey, or if either side changes conveyancer, the agent will usually issue an updated memorandum so everyone is working from the same information.
Key contacts
The memorandum of sale lists everyone involved in your move. MyMoveMate gives you one place to store those contacts so you are not digging through emails to find a phone number.
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