Memorandum of Sale
A memorandum of sale can either be created when accepting a sales offer, if you have the automated sales offer sending setting enabled in your company 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.
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.
You will have the option of adding extra details to the sales memo such as the 'sale subject to' information and 'additional info'. Any information entered here will show at the bottom of the generated sale memo.
Tip! In your branch general settings you can choose to hide your branch address and/or phone number & email address from sales memos. You'll need to be a branch or company admin to edit these settings.
Once the sales memo has been created, the button at the top right will update to a 'memo of sale' drop down. From here you can update it via the update button (useful if there have been any changes to the sale) or click the view and send button to view a copy and send 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, selecting between the vendor, buyer and their solicitors. However it's important to check and ensure the sales memo is correct and up to date before sending. You can click the view button to see the details.
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.
When emailing solicitors with the sales memo, the property's EPC details will also be automatically included. 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.
Note - Sales memos that are sent to Solicitors will include all relevant details, including both vendor and applicant correspondence addresses.
Sales memo sent to vendors and applicants will not include the correspondence address of the other party, 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 drop down from the sales progression page and select 'edit agreed price' to update the price.
From here you can also choose to automatically update and resend a copy of the sales memo to anyone who has already received it.
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!