Initiating a private sale

betmunch

Hi Everyone,

Just after a bit of advice in an area I have always had someone else look after for me!

I have just taken a call from a client who is buying privately from someone, I just want to know if we are going to need a Memorandum of Sale for this, or do both parties just swap Solicitors details.

The reason I ask is that I have always worked from an Estate Agents until recently and they always handled this bit.

Cheers all

Yorkie1

I bought privately (albeit from a friend).

We sat down, agreed a price, and then swapped solicitors details.

I suppose there's no harm in something setting down the formal offer / acceptance, given this is a more formal arrangement, but it won't be legally binding in the sense that nothing is binding until exchange of contracts.

betmunch

Thats what I am thinking, as nothing is legally binding the Memo of Sale seems to just set out what is intended.

As both parties are adults, and represented by Solicitors surely just swapping details should be enough.

Cheers, unless anyone has a reason why the Memo is needed I will just advise my client to get the sellers Solicitors details and let them sort it out

DVardysShadow

As I see it, the MoS is only needed to confirm who is buying waht from whom, the price and any other details which are already agreed.