What is the Memorandum of Sale for?
Where a property is being sold, with the involvement of estate agents, they will draw up what is known as the memorandum of sale, upon commencement of the transaction. The memorandum of sale is a document which is provided to all parties in the transaction, and confirms important information that will assist the matter proceeding.
- The document includes details of the parties to the conveyance, inclusive of the buyer, the seller and their acting solicitors, together with their addresses and contact details.
- Details of the property being dealt with, inclusive of the full address and tenure, i.e. freehold or leasehold.
- The agreed price at which the property is to be conveyed.
- Confirmation as to any specific requirements the parties may have in respect of Completion.
- Confirmation as to whether the prospective purchaser will be buying the property cash, or will be securing finance by other means, such as a mortgage.
- The memorandum is also accompanied by the energy performance certificate, as this is legally required in order to sell the property.
As you can see, the memorandum of sale can provide important information pertaining to the transaction and is provided upon commencement, in order that the legalities of the transaction can proceed without delay.