Document background
The House Memorandum of Sale is a fundamental document in U.S. residential real estate transactions, used to formalize the agreement between a property buyer and seller. This document is typically prepared after initial negotiations have concluded but before the final closing documents are drawn up. It serves as a comprehensive record of the transaction terms, including property details, purchase price, contingencies, and closing conditions. The memorandum must comply with both federal regulations and state-specific real estate laws, making it essential to adapt the document to the relevant jurisdiction's requirements. Real estate professionals, legal advisors, and financial institutions commonly rely on the House Memorandum of Sale as a reference point throughout the transaction process, from the initial agreement through to closing.
