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.
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:
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.