Understanding The Purchase Process
The Process can be as simple or as hard as you want. The simple way is to do your homework and seek advice early on. We are highlighting the early stages due to the many errors that purchasers make and the sums that can be lost early on can be eye watering. If you are buying, do not take unqualified advice from estate agent and financial advisers or for that matter anyone who receives commission or acts for the seller. Seek independent and free advise from an non-referred lawyer early on.
- Find out what your budget is and find an Independent non-referred lawyer
So You have had a chat with your lawyer and they have given you some tips to avoid overpaying when you are dealing with Estate Agents.When you’ve found a property you want to buy, your solicitor will register a ‘note of interest’ with the seller’s agent. This shows that you are interested in the property and want to be kept advised of developments such as the fixing of a closing date to submit offers. You’ll also need your solicitor before you can make any formal offer on a property. Solicitors are responsible for putting in the offer, negotiating and checking the contract as well as organising the transfer of the Title and money.
2. Save Money
Have you ever considered how individuals and firms can make vast amount of money by buying and selling property? Hayes-Bower explain some of the basic steps and where your money can be gained or lost.
Buyer Beware Warning – Buying a property is similar to buying a second hand car. It is for the purchaser and his/her solicitor to look, investigate and ask the questions to ensure that they are happy to buy. To further compound this, the sellers rarely provide warranties beyond the date of entry. The titles to the property will show the full extent of what you are buying (this may differ to what you were shown when you visited the property, so check. The searches provided will highlight what affects the property and what debts require to be cleared before you take ownership.
By using an expert property solicitor you can be assured that they are fully aware of what to look for and what to expect. Unfortunately if you don’t know what to examine and look for you may miss some important issues. Also remember that the seller or his agents do not need to openly disclose any problem or defect. It really is Buyer Beware !… see contracts and missives.
3. The Contract
Written or verbal offers? Offers made in Scotland that are to be binding need to be in writing. If you agree verbally conditions or you rely on what agents, sellers say this will not be part of the deal (Contract) unless it is written and agreed in the contract. Verbal offers can be made, although this would usually be an informal agreement made between a seller and a prospective purchaser. Occasionally, a verbal intimation of a price may be used where the offer is speculative. For an offer to proceed to the stages of contract, it must however be in writing.
We’ll work to suit your needs, whether you have already agreed a price or whether you would prefer a formal written offer to be issued. Remember, we don’t charge for offers!