![]() It is highly advised that both the buying and selling parties have all documents prepared beforehand. The memorandum of sale will be issued by the estate agent and is usually completed within just a few days but can take longer if certain parts of information are missing. This could include things like subsidence, a major factor that can determine whether a sale actually goes through. It also plays a vital part in the later surveying of the property because it contains so many details about the house. As soon as it is issued, the necessary arrangements to complete the sale of the property can be made. However, it is still an important document. It’s a preliminary measure to set out the terms of agreement before parties have to legally commit. It is a contract but it’s not legally binding. Any special conditions agreed as part of the same, for example, a sale at a specified price subject to certain repairs being madeĪ memorandum of sale acts as written evidence that an offer has been accepted, as well as recording the amount of money that will be paid. ![]()
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