The Terms of Sale (also referred to as the Sales Memorandum) is prepared by your estate agent after the seller has accepted your offer. It is not a legally binding document, but rather an informal document which sets out the key terms agreed by you and the seller and which will help the solicitors to progress the sale.

The Terms of Sales generally includes details such as the address and description of the property, names and contact details of the buyer and seller and their appointed solicitors, the agreed price of the property, and any other conditions.

Most agents will ask you to sign the Terms of Sale, but some might just explain the terms in an email. Either way, make sure the agent and the seller clearly understand any conditions you’ve attached to your offer, and that you have been made aware of any conditions the seller has added to accepting it.

When the Terms Of Sale is signed

Now that the terms of sale has been signed, it is all systems go – you can instruct your solicitor with confidence, and apply for your mortgage. Speed is of the essence. Do this as soon as you possibly can.

Make sure that the agent remove the property from Rightmove and Zoopla and any other place that the property may have been advertised. This includes updating any For Sale boards outside the property to ‘Sold’