Memorandum of sale – everything you need to know

Understanding important documents like the memorandum of sale can make it easier to navigate the often stressful experience of selling your house. In this article, we break down everything you need to know about the memorandum of sale—from what it is and who issues it, to when it’s typically issued and how it relates to the overall timeline of a property transaction. 

What is a memorandum of sale?

A memorandum of sale (MoS), also sometimes called a notification of sale, is a document that details the agreement between buyer and seller once an offer has been accepted. It outlines the agreed-upon price, important dates and any conditions that need to be met before the final contract is drawn up. 

While it isn’t legally binding on its own, it sets the framework that guides the remaining steps in the transaction. Think of it as the handshake before the contract – it establishes that both parties are on the same page and signals the start of the legal process toward transferring ownership. 

Who issues the memorandum of sale?

In most cases, the estate agent will draw up the memorandum of sale as they’re the go-between for both parties and will already have all the details. Once the offer is accepted, they prepare the document and send it to the buyer and seller, as well as to their respective solicitors, to ensure everyone has the correct information. 

When is the memorandum of sale issued?

The memorandum of sale is usually issued immediately after an offer has been accepted. Once both the buyer and seller have agreed on the price and the basic terms of sale, the estate agent will produce this document, and it can be as soon as that same day or perhaps later on in the week.

How long after the memorandum of sale to completion?

How much time there is between issuing the memorandum of sale and completing varies depends on a few variables, including how complex the transaction is, how efficient the solicitors are and whether or not there are any pre-conditions to clear such as mortgage approval or survey results. 

This part of the process can take anywhere from 1 to 3 months, but other issues (such as unanswered legal questions or breaks in a chain) can sometimes extend this period. Staying in regular contact with your estate agent and solicitor can help ensure that any potential delays are managed swiftly.

What details are usually included in a memorandum of sale?

The memorandum of sale contains all the key details agreed as part of the sale and helps the solicitors get started with their work, typically including:

• Property address: address of the property being sold
• Land registry number: This helps the solicitors identify the property being sold
• Property type: Specifically, whether the property is freehold or leasehold
• Fixtures and fittings: A list of what has been included in the sale
• Agreed sale price: The price that has been agreed for the sale
• Buyer and seller information: The contact details for both the buyer and seller
• Solicitor details: The contact details for the solicitors of the buyer and seller
• Estate agent details: Contact details for the estate agent handling the sale
• Payment method: How the buyer will fund the purchase (e.g. cash or mortgage)
• Expected exchange and completion dates: The proposed dates for the exchange of contracts and then the completion of the sale
• Special conditions: Anything that has been agreed relating to the sale, e.g., any agreed repair work

Do you need to sell your house fast? 

If you’re in a situation where you want (or need) to sell your house quickly, perhaps due to a relocation, financial reasons or you just don’t want to deal with the stress and uncertainty of the open market, we’re here to help. Here at House Buyer Bureau, we specialise in fast, efficient transactions and we pride ourselves on making the sale as hassle-free as possible, ensuring that all the important details are managed professionally and with a friendly, personal touch.

If you need to sell your house fast, get your free, no-obligation quote today or contact one of the team with any questions you might have!

Chris

Chris

Chris has worked in property all his career, first as a successful estate agent before spotting a gap in the market for buying property directly from people looking for a simple, quick sale.

He has a passion for property and as an experienced valuer, has looked at well over 50,000 properties so far at HBB. He has extensive experience in property buying and regularly comments in the press on property matters, trends and promotes ways to simplify and speed up the selling process.

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