Memorandum of Sale
A memorandum of sale can either be created when accepting a sales offer, if you have the Enable Auto Sales Memo Send setting turned on in your company general settings, or from the sales progression page by clicking the Create Memorandum of Sale button at the top right.
This article focuses on generating a memo of sale from the sales progression page but for more information on generating when accepting a sales offer, see this help article.
It's important to note that before a sales memo can be generated, you must first ensure both the vendor and applicant have solicitors attached as well as correspondence addresses. If anything is missing, clicking Generate shows the message "The memorandum of sale cannot be generated." with the reason, for example "Owner does not have a solicitor assigned." or "Applicant correspondence address is missing." If the vendor or buyer is a company, the company also needs a primary contact.
Solicitors can be added at various stages of their journey including from the sales progression page. To access the sales progression page click on the Sales tab on the left side panel and select the sale required. From there you can click on the solicitor tabs for the vendor and applicant.
For more information, see our Solicitors within a Sale help article.
Additionally, if you have a sensitive situation, such as divorces or non-amicable vendor relationship, you can use the Confidential Contact feature to prevent personal details, such as the correspondence address, from being shared between owners on the sales memo.
For more information, see our Confidential Contacts help article.
Creating a Memorandum of Sale
When generating a sales memo from a sale page, click the Create Memorandum of Sale button at the top right.
Note - Generating a sales memo will not automatically send it to any clients.
This opens the Generate Memorandum of Sale Document window, where you can add extra details in the Sale Subject to box (this is pre-filled with "Contract") and the Additional Info box. These show at the bottom of the memo as "Subject to" and "Other Information". Click Generate to create it.
Tip! In your branch general settings you can turn on Hide address on Memo of Sales (your branch contact details are shown instead) and Hide contact details on Memo of Sales (hides your branch phone number and email address). You'll need permission to edit branch general settings to change these, and they only apply to memos generated after the change.
Once the sales memo has been created, the button at the top right changes to a Memo of Sale dropdown. From here click Update to regenerate it (useful if there have been any changes to the sale), or View and Send to view a copy and send it to the selected recipients.
Tip! If you have edited any solicitor information after generating the sales memo, you will need to use the 'update' option to re-generate it with the updated solicitor details.
Sending a Memorandum of Sale
From the view and send popup you can choose who to send it to: the Vendor(s), any Points of Contact, the Buyer(s) and the Solicitors. Everyone with an email address is ticked by default, and anyone without one is shown as "No email address" and can't be selected. It's important to check and ensure the sales memo is correct and up to date before sending, so click View next to each person to check their copy, then Send selected.
Note - If the number of owners or buyers has changed since the memo was generated, you'll see "Owner details have changed". Click Generate to update the memo before you can view or send it.
Note - If you have vendors that do not wish to share their personal information, such as a divorce, you can use the Confidential Contacts feature to ensure individual sales memos are created for each vendor that will remove each others correspondence address. Each vendor's memo still lists the other vendors' names, just without their addresses. Solicitors still receive the full memo.
If none of the vendors (or none of the buyers) have an email address, you'll see a Confirm communication method window with a No Email Address warning. Choose Requires sending if you still need to send it another way (you can tick Create a communication task as a reminder), or Already sent if it has been sent another way, and add how it was sent.
For more information, see our Sending Emails in Street help article.
When emailing solicitors, the memo is attached as a PDF and the property's EPC details are included automatically. If the EPC has a file uploaded it's attached, if it has a link a download link is added, and otherwise the EPC ratings are written into the email. Additionally, if you have generated a property brochure, a link to this will also be included in the email to the solicitors.
If there is no brochure, the Street Public Page link will be sent instead. Vendors and buyers receive a View Memorandum of Sale link instead of an attachment. The link expires after 31 days.
Note - Sales memos that are sent to Solicitors will include all relevant details, including both vendor and applicant correspondence addresses.
Sales memos sent to vendors and buyers include the other party's names but not their correspondence addresses, ie the vendor will not see the applicant's correspondence address and vice versa. However vendors will see each others correspondence addresses.
If you need to hide owners correspondence addresses from each other, you should enable the Confidential Contacts feature.
Editing the Agreed Sale Price
Should the sale price change after sending the original memo of sale, you can click the Actions dropdown from the sales progression page and select Edit Agreed Price. Enter the new Sale Amount and a Reason.
Tick Update and resend Memorandum of Sales to regenerate the memo and resend it to everyone who has already received a copy. This option only appears once the memo has been sent.
The Memorandum of Sale Section in Sales Progression
If your account uses the new sales progression steps, you'll see a Memorandum of Sale Issued section on the sale. As well as the memo itself, this section includes the steps that need to be in place before the memo goes out:
Proof of funds received and accepted
AML check(s) completed and passed
Vendor solicitor instructed
Purchaser has instructed solicitor
Memorandum of Sale issued to both solicitors
The Memorandum of Sale issued to both solicitors step completes automatically once the memo has been sent from Street to both the vendor's and buyer's current solicitors. If a solicitor changes afterwards, the step reopens until the memo is sent to the new solicitor.
Note - The section only shows as Complete once every step in it is complete or marked as not required. Default steps, such as the AML check, can't be moved into a different section, so if the AML check isn't done the section will still show as In progress, even if the memo has been sent and its own step shows as complete. To complete the section, complete the AML check or, if it doesn't apply, mark that step as not required. Mandatory steps can't be marked as not required.
Street is constantly being updated. This can mean that some of these articles become slightly out of date. If you spot something that looks a little bit different to your Street account, please let us know on the live chat so we can get it updated!