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Our Property Sales team have outlined what you should expect when purchasing property in Scotland and the terminology used.
In 2008 Scottish Home Report Surveys and Valuations (Home Reports) were introduced. Paid by the seller, the report provides potential buyers with a Mortgage Valuation Report, Single Survey, Energy Performance Certificate (EPC) and a Property Questionnaire. The report will also include any additional observations that the surveyor has made. This valuation is carried out shortly before the property is put on the market and is the professional opinion of a Chartered Valuation Surveyor. The survey part of the home report has a shelf life of 12 weeks and after that period an updated report will be required at the cost of the seller once an offer has been accepted.
The purchase price may be stated as being offers over a specified sum. This means that the seller is expecting an offer in excess of the specified sum. There is no set percentage.
Throughout marketing, the seller/selling agent may decide to market at a fixed price. This is the figure that will be accepted.
Declaring an interest in a property
Once you have seen a suitable property and obtained a set of sales particulars, if available, you should immediately contact the selling agent or your Solicitor, who will then talk you through the necessary procedures.
Note of Interest
If having viewed the property you consider that you may like to proceed further, then you should contact your Solicitor who will note an interest for you formally by contacting the selling agents and intimating your interest in the property. It is then professional courtesy on the part of the selling agents to formally advise all parties who have noted an interest through their Solicitors once a closing date has been set. Although it is normal practice to set a closing date where there are several notes of interest. The sellers are not legally obliged to set a closing date and may accept an offer from any party at any time.
If a number of parties have noted an interest, the sellers may set a closing date for offers. This is usually noon on a certain date, and offers should be submitted before that time on that day in writing via a Solicitor. You will normally be advised how many other parties have noted an interest, but not what they will be offering. It is at this stage that you must decide how much you are willing to offer, depending on the valuation and level of interest. If your offer is unsuccessful, your Solicitor is not permitted to resubmit a higher offer on your behalf.
This is the formal written offer prepared by your Solicitor. A time limit for acceptance is normally included in the offer. The offer contains the names of the buyers, the property, the price, date of entry, details of any extras and a number of conditions. This document will be addressed by the buyer’s Solicitor and seller’s Solicitor.
Under Offer/Sold Subject to Concluded Missives.
Once a formal written offer is in place and has been accepted, the sale is then classified as Under Offer / Sold Subject to Concluded Missives. At this point, there is no further marketing while the missives are being addressed by the solicitor. Once missives are concluded the sale is classified as Sold.
As well as offering a complete Estate Agency service, we can also help you with the legal Conveyancing aspect of buying a property. With our experienced legal teams in our network of offices, advice is always on hand.