The term 'memorandum of sale' may sound like incomprehensible legal jargon, but it's actually reasonably straightforward. Once a buyer has agreed to purchase a property at the seller's desired price, a memorandum of sale is issued. This is not a legally binding document; moreover, it signals the intent of the buyer to purchase the property and the owner's intent to sell at the agreed price.
The memorandum of sale is not a contract and has no formally prescribed format as such the actual document will vary from agent to agent. Once sent by the agent it does set the legal process in motion. In most cases, the memorandum of sale is sent out before the survey is carried out (in exceptional circumstances a survey may be done first, such as in the case of derelict properties).
A memorandum of sale will contain as much relevant information as possible. This will include (but is not limited to) the following:
After the sale price has been agreed, it is wise to appoint a solicitor as soon as possible to enable the legal process to begin.
The memorandum of sale is drawn up by the estate agent and sent to all parties involved; the buyer, the seller and both solicitors. As the document has to include solicitors' details, as well as sent on to them once completed, it cannot be drawn up until these details have been provided.
With our online platform at Griffin Property Co, it's an uncomplicated process to upload these details after the offer has been accepted.
This is the screen the seller will see once the offer has been accepted. In the green bar, click on the UPLOAD SOLICITOR'S DETAILS button.
The following screen will ask the seller to input the details of their solicitor. The buyer will also be requested to do the same.
Once we at Griffin Property Co have these details, we will issue the memorandum of sale and send it to all relevant parties, getting the legal process underway.
If you have any questions or concerns about the memorandum of sale, please call us on 0345 561 0050, or send us an email at [email protected].
Images are from a semi-detached property for sale in Gildersome village, Leeds (August 2023). For the full listing, please click here.
<p>Griffin Property Co's purely online model makes managing the sale of your property as stress-free and straightforward as possible. Buyers who have identified their ideal property can make an offer simply and quickly and for sellers, we've made it easy to respond to and accept these offers. </p>Read More
<p>For us at Griffin Property Co, our aim is to make the process of buying, selling, letting and renting as efficient and as cost-effective as possible for all our customers. As online real estate agents, our simple, straightforward website is easy to navigate whether you are looking to buy or rent the perfect property, or get started with selling or letting.</p>Read More
<p>The never ending question about how much your house is worth is always at the tip of every house seller's lips. The real answer is that it is worth as much as a person is willing to pay for it but that doesn't hold much grace here as you cannot enter that in a field asking for your sale price. It is very true that some houses are easier to value than others. For example if you live in a house on a terraced street you will quite often be able to find sold prices of other houses on your street which will pretty much be the exact same price your house is worth; loft extensions excepted. However if you live in a street with a variety of house sizes and designs or in a remote area it can be much trickier and the asking price can be much more influenced by buyer sentiment. </p>Read More
Company Registered in England and Wales | Company Name: Griffin Property Co | Company Reg No.09362284