Memorandum of Sale.
Introduction
Whether you're buying or selling a property, you've likely heard of the Memorandum of Sale.
But what is it, and why is it so important?
This guide explains everything in plain and simple terms to help you understand its role in the property transaction process.
What Is a Memorandum of Sale?
A Memorandum of Sale is a document prepared by the estate agent once an offer has been accepted.
It records the key details of the transaction and provides all parties with the information needed to begin the conveyancing process.
A Memorandum of Sale typically contains:
Names and contact details of the buyer and seller
Details of the buyer's solicitor
Details of the seller's solicitor
Agreed sale price
Property address
Any agreed conditions of the sale
These details help ensure everyone involved is working from the same information and can move the transaction forward efficiently.
Who Receives the Memorandum of Sale?
Once the estate agent has received the solicitor details for both parties, they will prepare the Memorandum of Sale and distribute it to everyone involved.
Copies are usually sent to:
The Buyer
The buyer receives a copy so they can check the transaction details and ensure everything is correct.
The Seller
The seller receives a copy confirming the agreed sale terms.
The Buyer's Solicitor
The buyer's solicitor uses the information to begin the conveyancing process.
The Seller's Solicitor
The seller's solicitor uses the Memorandum of Sale to begin preparing the legal paperwork required for the transaction.
Providing the document to all parties ensures the conveyancing process can begin without unnecessary delays.
When Should the Memorandum of Sale Be Sent?
Timing is extremely important.
The Memorandum of Sale is usually prepared and issued by the selling estate agent as soon as possible after an offer has been accepted.
In most cases, it will be sent within:
24–48 hours of offer acceptance
However, before it can be issued:
The buyer must provide solicitor details.
The seller must provide solicitor details.
Once those details have been received, the estate agent can distribute the document.
Prompt communication at this stage helps maintain momentum and reduces the likelihood of delays later in the transaction.
If you have not received your Memorandum of Sale within a reasonable timeframe, it is worth contacting your estate agent for an update.
Why Is the Memorandum of Sale Important?
The Memorandum of Sale marks the official starting point of the conveyancing process.
Although it is not a legally binding document, it serves as confirmation that an agreement has been reached between the buyer and seller.
Once issued, both solicitors can begin important legal work, including:
Drafting and Reviewing Contracts
Solicitors can begin preparing and reviewing the legal documentation required for the sale.
Preparing Enquiries
The buyer's solicitor can start raising enquiries regarding the property.
Arranging Property Searches
Searches can be requested and the conveyancing process can begin progressing towards exchange and completion.
Without a Memorandum of Sale, many of these steps cannot begin.
Key Takeaways
The Memorandum of Sale is one of the first important milestones in the property transaction process.
To summarise:
It confirms the key details of the agreed sale.
It is issued after an offer has been accepted.
It is sent to the buyer, seller and both solicitors.
It is usually issued within 24–48 hours.
It marks the official start of the conveyancing process.
If you have reached this stage of your property journey, congratulations — your sale or purchase is now officially moving forward.
Actions to Complete
Homeowner & Buyer
Receive Memorandum of Sale.
Confirm your solicitor has received the Memorandum of Sale.
Update Milestones
Once the Memorandum of Sale has been received:
Mark the milestone as complete within your portal to notify everyone involved.
Tick the milestone off your property checklist.
Keeping milestones updated helps everyone remain informed throughout the transaction.
Final Message From Gary
A Memorandum of Sale is a document that confirms the key details of a property transaction once an offer has been accepted.
Although it is not legally binding, it records the agreement between the buyer and seller, including names, contact details, solicitor information, the agreed sale price and any special conditions of the sale.
Sent by the estate agent to the buyer, seller and both solicitors within 24–48 hours of offer acceptance, it formally marks the beginning of the conveyancing process.
This important milestone allows solicitors to begin drafting contracts, arranging property searches and preparing enquiries, helping ensure the transaction progresses as smoothly as possible.
Have ideas on how we can improve this guide?
Please share them with us at gary@bayzos.co.uk.
Gary & The Bayzos Team
Disclaimer:
The information in this guide is provided for general information purposes only and does not constitute legal, financial, mortgage, tax, or professional advice.
While we aim to keep the information accurate and up to date, Bayzos Estate Agents Limited makes no guarantees or warranties regarding its accuracy or completeness.
You should always seek advice from a qualified solicitor, financial adviser, mortgage broker, accountant, or other relevant professional before making any decisions based on this information.
Bayzos Estate Agents Limited accepts no liability for any loss or damage arising from reliance on this guide.