![]() The memorandum of sale also gives third parties (such as mortgage lenders and solicitors) the information that they need to put things in motion with regards to mortgage applications, legal proceedings and so on.Įssentially the signing of a memorandum of sale is the first important step of the buying and selling process. This is important for the buyer as it reduces the chances of being ‘gazumped’. It is an official document that allows the estate agent or seller to take your property off the market. The memorandum of sale is important because it provides confirmation that the property sale has been agreed upon by the buyer and seller. For example if the sale is an auction sale, additional details may be required.
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