Frequently Asked Questions

Its always good to ask questions and if we’ve not provided the answers you need here please contact your nearest office and speak to a real person.

Q1: How does Offers Over work?
Q2: What is a Closing Date?
Q3: What is meant by Offers Over?
Q4: What is meant by Offers in the Region of?
Q5: What is meant by Fixed Price?
Q6: What is a Formal Offer?
Q7: What is a Date of Entry?
Q8: What are Standard Clauses?
Q9: What is a Formal Missive or Missive Letter?
Q10: What is a Qualified Acceptance?
Q11: What is Conveyancing?
Q12: What is a Disposition?
Q13: What is a Standard Security?
Q14: What is a Land Certificate?
Q15: What is a Charge Certificate?
Q16: What is a Home Report?

Q1: How does Offers Over work?

Answer

  1. We invite any offers over the specified price.
  2. Properties can go for 5 / 10 / 15% or more over the asking price, but it depends on the indvidual property and circumstances.
  3. We always suggest to interested parties that they offer the maximum amount they can afford as once the offer has been opened at the closing date, if there is an offer acceptable then it will be accepted on that day without any further reference to the other offering parties
  4. There are now a range of pricing options such as ‘Offers in the Region Of’, ‘Fixed Price’ and ‘Guide Price.’

Q2: What is a Closing Date?

Answer:

  1. A closing date is fixed when more than one party has noted interest in a particular property.
  2. A date will be fixed when offers are to be submitted, usually in Scottish legal form by a solicitor.
  3. Your solicitor and yourself will be notified of the date

Remember that not all offers are successful based on the highest price – there are other factors which may determine whether your offer is accepted.


Q3: What is meant by Offers Over?

Answer: The Seller is indicating that they wish an offer in excess of the advertised price.


Q4: What is meant by Offers in the Region of?

Answer: The seller is indicating that, in normal circumstances, an offer in the region of the asking price will be acceptable. This may be slightly under or over the price advertised.


Q5: What is meant by Fixed Price?

Answer: The first offer at that price will, under normal circumstances, be acceptable to the seller.


Q6: What is a Formal Offer?

Answer: A formal offer is prepared by the purchaser’s solicitor, in writing, on behalf of the purchaser and submitted to the seller. This is the opening “missive” in the contract.


Q7: What is a Date of Entry?

Answer: The date of entry is agreed at the outset, when the price is to be paid, and the keys handed over; literally, the date you take entry to the property.


Q8: What are Standard Clauses?

Answer: Standard Clauses is a document containing clauses that cover the fine detail of the contract for the purchase. Generally, these will be acceptable and are designed to speed up conclusion of missives.


Q9: What is a Formal Missive or Missive Letter?

Answer: A formal missive or a missive letter are formal letters that pass between the purchaser’s solicitor and the seller’s solicitor, signed on behalf of the parties, which, read together, will form the contract for the purchase.


Q10: What is a Qualified Acceptance?

Answer: A qualified acceptance is a formal letter, issued by the seller’s solicitor, in reply to the “formal offer”. States that the offer is to be accepted, subject to agreement on the qualifications proposed within it.


Q11: What is Conveyancing?

Answer: Conveyancing is the process whereby the title is transferred from seller to purchaser.


Q12: What is a Disposition?

Answer: A disposition is the deed signed by the seller, transferring title to the purchaser and delivered at settlement, in exchange for the price.


Q13: What is a Standard Security?

Answer: A standard security is the deed, signed by the purchaser, giving security to their lender, for the mortgage. In England this is called a Legal Charge.


Q14: What is a Land Certificate?

Answer: It is produced by the Registers of Scotland, following the Disposition being presented for registering, which records your title to the property.


Q15: What is a Charge Certificate?

Answer: It is produced by the Registers of Scotland, following the Standard Security being presented for registering, which records the lender’s charge over the property.


Q16: What is a Home Report?

Answer: A home report is a pack of three documents: a Single Survey, an Energy Report and a Property Questionnaire. The Home Report will be made available on request to prospective buyers of the home.

  1. The Single Survey contains an assessment by a surveyor of the condition of the home, a valuation and an accessibility audit for people with particular needs.
  2. The Energy Report contains an assessment by a surveyor of the energy efficiency of the home and its environmental impact. It also recommends ways to improve its energy efficiency.
  3. The Property Questionnaire is completed by the seller of the home. It contains additional information about the home, such as Council Tax banding and factoring costs that will be useful to buyers.