Memorandum of sale meaning
A memorandum of sale is the document an estate agent issues once an offer is accepted. It records the property address, the agreed price, and the details of the buyer, seller and both conveyancers. It allows the legal work to begin but creates no legal obligation on either side.
Memorandum of sale is one of the terms you are likely to meet when buying or selling a home in England. Here is what it means in plain English, and where it fits into your move.
Where it fits in the process
It is usually the first paperwork you receive after an accepted offer, and conveyancers generally need it before opening a file.
Check the price and your conveyancer's details carefully, because errors here follow the transaction all the way through.
Key takeaway
A memorandum of sale is the document an estate agent issues once an offer is accepted. It records the property address, the agreed price, and the details of the buyer, seller and both conveyancers. It allows the legal work to begin but creates no legal obligation on either side.
Frequently asked questions
Is a memorandum of sale binding?
No. In England a sale becomes legally binding only at exchange of contracts, so a memorandum of sale simply records what has been agreed.
Key contacts
Store every name and number from your memorandum of sale in one place in MyMoveMate.
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