Offers Over – In the current market, most properties in Edinburgh are on at offers over. This indicates that sellers would be willing to consider an offer for the property somewhere over the advertised price.
Fixed Price – A Fixed Price sale is a statement that, generally, this is a first-come first-served property at this price, if the other conditions, such as date of entry, are acceptable. It is important to move quickly if you’re interested in a fixed price property.
Offers Around – Offers Around is an indication that the seller would be willing to consider offers at or around the advertised price.
Home Report – The Home Report is a mandatory report that must be carried out and presented to the public if the property is going on the open market. It will contain a surveyor’s overview of the condition of the property and their estimation of the market value. It is important to read this in detail before offering on a property.
Home Report Value – This is the surveyor’s estimation of the market value of the property in its current state and considering the market trends at the time of the survey.
Note of Interest – A note of interest is a request to the seller’s agent to keep your agent updated on a property, such as if a closing date has been set. It does not ensure that you will be given a right to purchase the property, but it should keep you updated of any developments. The seller may, however, still sell the property without advising notes of interest if it has been privately negotiated.
Closing Date- When a property has enough interest from potential buyers, a closing date may be set for the property. This gives an opportunity for all the interested parties to put a blind-bid in for the property. On the date itself all the offers are given to the seller to consider.
LBTT – The Land and Buildings Transaction Tax, this is the Scottish equivalent of Stamp Duty. This is charged on properties over £145,000. The purchaser will pay this, so it is very important to keep this in mind when considering your budget. For a calculator on how the tax might affect you, please see https://www.revenue.scot/land-buildings-transaction-tax/tax-calculator/lbtt-property-transactions-calculator
ADS – The Additional Dwelling Supplement was introduced in April this year. If you already own one house or flat and are looking to purchase another, while retaining your first, then this 3% tax on the entire value of the property may apply to you. For more information on this, please see https://www.revenue.scot/land-buildings-transaction-tax/frequently-asked-questions/additional-dwelling-supplement-background or get in touch with us at 0131 228 1926.
Offer – The Offer is the first missive, it contains your proposed purchase price and date of entry, along with any other conditions that you would like to be included in the sale. It is important to consider if you wish for any items of furniture to be included in the purchase price or if you want to negotiate or pay extra for certain items.
Survey Clause – Survey Clauses allow you to have general and specialist surveys carried out on properties that you’ve had an offer accepted on. When you purchase a property in Scotland, you purchase it with all the hidden faults or damages. To ensure that you know exactly what you’re purchasing a survey clause can allow you to examine a specific aspect of the property.
Missives – Missives are the letters that are sent between the selling and purchasing solicitors. Along with the Scottish Standard Clauses, these form the contract for the purchase of a property. These will be signed by your solicitor on your behalf once you have discussed and agreed the terms with them. A client guide to these clauses can be requested from us on 0131 228 1926.
If you’d like to make an offer for a property, would like more information about a property, or would like more information about the purchasing process please get in touch with our purchasing team on 0131 228 1926.