Frequently Asked QuestionsQ: What is a Closing Date ?
A – A closing date occurs when more that one party has formally noted interest in a property through their Solicitor. A date and time for the closing shall be set and all parties who have formally noted interest through their Solicitor shall be advised of this. At the time of the closing, all offers are opened simultaneously and normally the highest offer is accepted. There is no second chance at a closing date to increase an offer, so purchasers are advised to offer their maximum price at that time.
Q: What does “Offers Over” mean ?
A – The “offers over” system in Scotland is the normal method of selling a property, it is merely an indication of the price the seller is wishing to achieve. The amount you should offer over this price is based on location, condition and the professional advice of your surveyor and solicitor.
Q: What is a Formal Offer ?
A – A formal offer is one which is submitted by a Solicitors representing the potential purchaser. It will contain the price, date of entry, the items to be included in the price and when accepted by the sellers solicitor will form the basis of the missives or contract of sale.
Q: What is an offer “Subject to Survey” ?
A – An offer which is subject to survey, is an offer whereby the purchaser wishes to obtain agreement on the price, before going to the expense of a survey over the property. In cases of a closing date is set we do not advise this type of offer, however if there is no closing date we normally allow purchasers 72Hrs to instruct a survey so that their subject to survey clause within their offer can be deleted.