Unlike the system south of the border, buyers tend to offer over the asking price rather than below it and bids are made in secret.
As a buyer you ask your solicitor to register your interest with the seller of a property who will then notify you of the closing date for bids.
Potential buyers have their survey done before they make an offer and once an offer has been accepted it is a binding agreement (called conclusion of missives).
If you or the seller backs out after that then compensation becomes due. As a result there’s very little gazumping in Scotland once an offer has been accepted.
Searches and enquiries are carried out using a central system of property registration, instead of via local authorities, so the process is much quicker.
No money is handed over until the final settlement day so no deposit is required.
Loading ...