Every house sale will need a memorandum of sale to be provided. Thus, if you’re selling or buying a property, it can be beneficial to know what a memorandum of sale is and when it will be issued in the transaction. A memorandum of sale is a necessary document in any house-selling procedure. It’s a written confirmation for both the seller and buyer, a contract that has all the information of the property transaction. The memorandum of sale will be given by the estate agent and is mostly finished within several days yet may also take longer if some parts of the information are lacking. It is also appropriate that both the selling and buying parties have all details ready beforehand. The memorandum of sale will be indicated by the solicitors.
Know what a memorandum of sale is being used for
It’s used to keep a property sale that has been undertaken. A Memorandum of sale is a legally obligatory document that consists of buyers, purchase price, sellers, completion date, full contact information, and HM land registry number. The memorandum of sale record can vary from company to company based on the preferences and needs of an estate agent. Memorandum of sale can be categorized rapidly and can take several months if there are any problems on the way.
The memorandum of sale is used to store all of the details related to the property sale in one place. It aids the conveyancing solicitors to have a single document to determine a certain detail about the sale.
Know why a memorandum of sale is vital
Signing a memorandum of sake is observed as the primary step of the property selling/ buying process. While it is not a compulsory document legally, still it serves as an informal precursor to the conclusive contract and plays a vital role in looking into and canvassing the property. Property sales are mostly disclosed over the phone and thus a sales memorandum delivers written proof from the seller that they accept the offer. The estate agent will draft the file once you receive or make an offer and it is accepted. It must be received via email or post after a verbal sale has been accepted.
A memorandum of sale can be quite overwhelming, yet the benefits and importance of having one make it all worth it. Take the time to have yourself familiarize with it and it is recommended to ask legal guidance once you feel you need to.