Memorandum of sale

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

It usually records the details of the price being paid, the contact details of the seller and buyer, and information on their respective conveyancing solicitors.

If there are any conditions to the sale (e.g. exchange by a particular date), then this will also 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, putting the transaction in jeopardy. The sale only becomes legally binding on both parties when Contracts are Exchanged.

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