Buying Property Process



Purchasing a property in Scotland can seem alarming if you are not used to the system. What follows is a very basic guide to the process of property purchase in Scotland and is intended only as an aide memoir.
  • Most properties will be offered to the market at 'Offers Over'. This means that a seller is usually expecting an offer in excess of the asking price and seldom will they accept anything else. Sometimes a property will be stated as being "Fixed Price". This will normally mean that the first formal offer for the property at the fixed price will be successful.
  • Prospective purchasers will view the property and if they are interested then will instruct their agent to note an interest on their behalf. At this point a survey may be undertaken. This will be organised by your agent. If specialist reports are required then they will be undertaken at this time.
  • If the survey is satisfactory and there are no other notes of interest it may be appropriate to make a pre-emptive strike and negotiate a purchase. A property does not always have to go to a closing date. If, however, there are other notes of interest it is likely that the seller will proceed to a closing date.
  • At the closing date your solicitor will submit your offer, in Scottish Legal Format. This will be your best offer for the property. It is important to note that the seller is not bound to accept the highest or indeed any offer. Normally the sellers will compare offers received at a closing date and will consider such things as the conditions of the offer, dates of entry etc.
  • If your offer is acceptable then the selling solicitor will issue a Qualified Acceptance. There will then be a period where your solicitors will investigate the titles and other formal papers and deal with any outstanding issues. Your solicitor will report to you with their findings and recommendations. It is usual for further correspondence between the seller's solicitors and yours at the end of which the selling solicitors will issue a final formal letter concluding the contract.
  • The final step is the settlement, when the monies will be paid to the sellers and in return your solicitor will receive the Disposition for the property and all relevant papers. Once the money has cleared then the keys can be handed over.

RESIDENTIAL PROPERTY SCOTLAND
RURAL PROPERTY SCOTLAND
SCOTLAND PROPERTY SEARCH AGENT
Saint Property Ltd, 61A Queen Street, Edinburgh EH2 4NA
Tel: +44 (0)131 478 4533 Fax: +44 (0)870 889 5102
Email: enquiries@saintproperty.com
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