Memorandum of Sale

A Memorandum of Sale is issued after an offer is accepted, outlining key terms before the formal contract. It includes the purchase price, party details, property address, and conditions like mortgage approval or surveys. In Jamaica, it is used in private treaty sales, foreclosures, and auctions to confirm intent before contracts. Mortgage lenders use it to process loans. In the UK, estate agents prepare it to start conveyancing, though it is not legally binding. In the US, a similar document, the purchase agreement, initiates due diligence. It ensures transparency, reduces disputes, and structures transactions in high-demand markets.