Memorandum of sale

This document records the fact that both the buyer and seller have agreed to the transaction. It can also be called a Notification of Sale or Sales Particulars.

It usually records the details of the price being paid, the details of the seller and buyer and their respective lawyers.

If there are any conditions to the sale (e.g. exchange by a date for example) then this will form part of the Memorandum of Sale.

This is not a legally binding document and there is a risk that either buyer or seller can have a change of heart. The sale only becomes binding on both parties when Contracts are Exchanged.