Document background
The Estate Agent Memorandum of Sale is a fundamental document in South African property transactions, used to record the initial agreement between parties when a property sale is negotiated through an estate agent. It captures essential information including party details, property specifications, purchase price, payment terms, and conditions of sale. This document serves as a crucial intermediate step between verbal agreement and the final deed of sale, ensuring all parties have a clear understanding of the terms discussed. It must comply with South African property law, including the Estate Agency Affairs Act and the Alienation of Land Act, and typically precedes the formal sale agreement drafted by conveyancing attorneys. While not replacing the final sale agreement, the Memorandum of Sale provides important protection for all parties by documenting the agreed terms and conditions of the property transaction.
