Memorandums of Sale and Letting for Estate Agents
This month Simply-Docs has added Sale and Letting Memorandums to our Estate Agency folder.
Sales and Lettings of Residential Property
Estate agents need to produce a memorandum of sale when a buyer’s offer to purchase a property is accepted by the seller. Similarly, letting agents should prepare a memorandum of letting whenever a transaction is agreed between a landlord and a tenant. Having the key information set out in writing at the outset will help to ensure the sale or letting proceeds smoothly.
Once the buyer’s or tenant’s offer has been accepted, the key agreed terms should be recorded in writing, together with practical information such as the parties’ contact details and those of their legal representatives. The memorandum should then be sent to the parties and their solicitors.
Our new Memorandum of Sale and Memorandum of Proposed Assured Shorthold Tenancy templates prompt agents to record all relevant information, allowing the parties and their legal advisers to take the transaction forward efficiently.
Sales and Lettings of Commercial Property
Our new Memorandum of Sale of Commercial Property is in a similar format to that for residential property. It allows commercial property agents to record the terms agreed for a sale and purchase of commercial premises.
As regards lettings of commercial property, various Heads of Terms templates are available in our Property folder, including heads of terms for leases, underleases and licences to occupy. These templates can be found in our Commercial Property Management group.
The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.