Planning to sell your home? Looking for an interested buyer? It would help if you had a memorandum of sale to do this. This is the first step in selling your house or property.
What Is A Memorandum Of Sale?
A memorandum of sale is a written record of all the buyer's things to know about the property before it can be purchased. After the sale is agreed, this is made by the auctioneer or home buying company to keep things moving. This is usually emailed to the solicitors representing the buyer and the seller.
The more information the memorandum of sale has, the better for both parties. Some important details the document should contain include the following:
- Details of the buyer and seller’s solicitors
- Details of the mortgage brokers/advisors involved in the sale
- Expected exchange and completion date
- How much deposit is required, and if this has been confirmed or verified
- Legal issues or problems that may require further investigation
- Other information related to the sale
- Special conditions of the sale like delayed completion or cash advance
- The fixtures and fittings included in the sale
- The full address of the property
- The property’s agreed price
- The property’s HM Land Registry number and confirmation of ownership
- The seller and buyer’s name, phone number(s), email, and complete address
- Whether the property is a quick cash house sale
- Whether the property is being bought in a company name
- Whether the property is freehold or leasehold and how many years remain on the lease in case of the latter
How DV Solicitors Help You With Memorandum Of Sale?
A memorandum of sale is not legally binding. Nor does it have to be signed. It is simply a written confirmation that the buyer and seller have agreed upon a price. This document should not be confused with a memorandum of understanding used in the United Kingdom (UK).
Because of this, the buyer can back out of the sale even with a memorandum of sale. But if everything is listed correctly, the buyer can push through with it, and things will proceed as planned. As long as both parties are honest and transparent, nothing can go wrong.
If you need assistance in reviewing your memorandum of sale, contact the professional lawyers of Deo Volente (DV) Solicitors in Bedford, UK. We offer personalized legal services for your specific needs. In our office, clients are treated like family.
For more information, visit dvsolicitors.com, call 01234 350 244, or email firstname.lastname@example.org.