Certain conveyancing terms are specific to the law in Scotland, and we take a closer look at a few of those in our latest Blog
Note of Interest
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When you see a property you like, your solicitor can send a Note of Interest to the seller’s agent. This tells the agent that you’re interested in the property and want updates, such as any price changes or a newly set closing date.
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You can note interest in more than one property. Doing so doesn’t obligate you to make an offer, but it’s best to note interest only in properties you genuinely want to pursue.
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Sometimes you don’t need to note interest, for example, when a property is marketed at a fixed price or already has a closing date. You may still choose to note interest after a closing date is set, but some buyers prefer not to because it can increase competition. Your solicitor can advise you on the best approach.
Missives
In Scotland, when you buy or sell a home, you and the other party agree to the contract through a series of formal letters called Missives. The buyer’s and seller’s solicitors exchange these letters to set out the terms of the transaction. Once both parties agree, the letters form a legally binding contract. The general steps are:
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The buyer submits a formal Offer.
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The seller’s solicitor issues a Qualified Acceptance, indicating agreement in principle but requesting negotiation on certain points, such as the entry date, included items, or other conditions.
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The solicitors exchange further letters as needed to finalise the terms.
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Once both sides agree, the seller’s solicitor sends the final letter, known as the Concluding Missive. At that point, the contract becomes legally binding, and neither party can withdraw without penalty.
Disposition
A Disposition is the legal document that transfers ownership of a property from the seller to the buyer. The seller signs it, and it is then registered with the Land Register of Scotland to complete the transfer formally.
For more advice on buying or selling property in Scotland, contact us on 0131 622 2626 or email enquiries@vmh.co.uk
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