Every property or house will need a memorandum of sale to be issued. Thus, if you’re selling or buying a property, it can be beneficial to determine precisely when a memorandum of sale is issued in the transaction and what it is all about. Also, what happens after it was sent, whether you’re searching to sell your house online, a memorandum of sale is a necessary document that you’ll come across that is needed for the sale to go through efficiently and rapidly. Without the memorandum of sale, the property of sale will not be completed.
Know what a memorandum of sale is all about
A memorandum of sale is used to keep that the sale of a property has been agreed between a seller and buyer subject to contract, it is a legal document that stores the information of a sale of a property. As soon as it is issued, the important adaptations to complete the sale of the property can be accomplished. It also plays a necessary role in the later surveying of the property since it has a lot of information about the house. It will consist of as much vital information as possible, which comprise:
- The sale price is agreed upon by the seller and buyer
- The address of that certain property
- The contact details and names of the buyer and the seller
- Contact information of the solicitors constituting the buyer and seller
- The HMRC Land Registry number
- Expected dates for completion and exchange
- Details about the property, such as whether it is a leasehold or freehold
- Any special conditions accord as part of the same like a sale at a certain price subject to distinct repairs being done
Determine who issues the memorandum of sale
The memorandum of sale will be provided by the estate agent and is normally done within several days. Yet, can take longer if some parts of the information are lacking. It is highly recommended that both the selling and buying parties have all documents ready beforehand. It is improbable that you’ll be able to check a copy as it comprises of confidential details about both the seller and buyer data that needs to be protected.
There is no particular timescale for the memorandum of sale to be supplied once an offer has been acknowledged. It can take around 24 hours to more than a week. It will be based on how rapidly the important information can be taken.