Memorandum of Sale

A Memorandum of Sale (also known as memo of sale, or sale memorandum) is a key document in the property buying process. It’s a written confirmation that a property sale has been agreed upon, issued by the estate agent after the seller has accepted an offer from a buyer. While it’s not legally binding, it kickstarts the conveyancing process and outlines essential details about the transaction.

This document is typically shared with: the buyer and seller (though they may not see the full document), their respective solicitors or conveyancers and the mortgage broker (if applicable)

Think of the Memorandum of Sale as the starting gun for everything that follows, from legal checks to final exchange.

Although it isn’t legally binding, the Memorandum of Sale provides clarity and ensures all parties are aligned from the outset. It allows solicitors to begin their due diligence and officially open the conveyancing file. Without it, progress toward exchange and completion can stall.

What Information Does a Memorandum of Sale Include?

It generally contains:

• The full names and contact details of both buyer and seller
• Agreed sale price
• Property address
• Details of solicitors representing each party
• Whether the property is freehold or leasehold
• Any conditions of the sale (e.g. subject to survey or chain-free)
• Target completion date, if agreed