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Memorandum of Sale and What it Means?

Getting a sale agreed, turning pipelines quickly and keeping customers happy are three key objectives for all estate agents. However, the link between those objectives and issuing a Memorandum of Sale (MOS) may not be as obvious. Agents who understand the importance of creating an MOS quickly will ensure their predicted exchanges fall into the correct month’s sales forecast and will see those marginal gains.

Seven Keys, looks at five key things to consider when selling a property:

Send out the MOS at the first opportunity.

Customers often think the legal work has begun as soon as they have made or had an offer accepted on a property. This isn’t always the case as it can sometimes take up to a week to issue the MOS. Receipt of the MOS is the first time the conveyancers are told the details of the sale and who is on the other side. By issuing the MOS sooner you can help reduce the transaction time by up to a week.

Attention to detail does matter.

As the estate agent, it is our responsibility to provide as much information as possible. Conveyancers need the full names of all buyers and sellers and this can help to shave unnecessary delays to the buying process.

Inform the conveyancer of the chain.

It is not uncommon for conveyancers to work in total isolation and have no informed knowledge of the sale chain. They tend to know who is above and who is below them in the chain but often that’s it. By informing the conveyancer of the chain details they can all work to an agreed completion date without setting times to exchange that are unachievable.

Help to reduce enquiries.

As most estate agents will know, there are many enquiries raised by conveyancers when dealing with a house purchase. By providing a copy of the sales particulars you could avoid unnecessary delays to requests. These property brochures are incredibly useful to spot extensions, flying freeholds, shared driveways and access ways.

Anymore information?

Keep in touch with regular updates and provide all the correct information:

  • Is the price right?
  • Expected completion dates.
  • Customer holiday plans.
  • Are the buyers in rented currently?
  • Completion before school starts.

Someone once said that ‘knowledge is power’ and I’m certain you can never have too much information.

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