If you are first time buyers, or if you have not been "in the market" for a while, here are a few handy hints to help you with the "jargon".
Noting Interest: When you have found the right property, whether it is your ‘dream home’ or one you want to let, we will ask the seller’s estate agent /solicitor to "note your interest". This means that the seller’s estate agent/solicitor should advise us of the date and time by which a formal offer for the property must be submitted. The seller is not legally bound to recognise interest which is noted, but it is customary to do so.
The Closing Date: The date and time set by the seller, his estate agent or solicitor by which offers to purchase the house are to be received. The seller is not obliged to accept any of the offers received by a closing date, but usually will accept the highest offer.
Offers Over: It is most common is Scotland, for a seller to invite offers over (o/o) a certain price for their property. So what do you offer? The key is knowing the market in the area where you want to buy. We will guide you here.
Fixed Price: A fixed price may be set by the seller for the property. The idea is that the first offer submitted to the selling agent for the property, at that price, which is not subject to survey, will be successful, although again the seller is not obliged to accept it.
Missives (Concluded): The missives are formal letters signed and exchanged by the purchasers and the sellers’ solicitors on behalf of their clients containing the conditions of the purchase/sale. Only when the terms of these letters are fully agreed do they constitute a legally binding agreement on both the seller and purchaser and they are then known as concluded missives (i.e. the contract of sale/purchase). When you have concluded missives, you are on your way to getting the keys for your new home.
Date of Entry: The date the price is payable and on which the purchaser should obtain the keys of the house and your Solicitor receives the title deeds.
If you are the seller, this is the date your solicitor receives the price and you vacate the property.
Also known as the date of settlement.
Contact: Audrey Blair, Associate firstname.lastname@example.org T. 0141 221 8012 (Glasgow)
Elaine del Valle, Associate email@example.com T: 0131 222 2939 (Edinburgh)