Understanding The Sales Process
Have you ever considered how many individuals and firms can make huge money by buying and selling property? The do’s & don’ts. Expert advice is always on hand at the end of the phone so if you have more questions or you are looking to gain specific advice we are only a quick call away
- Before Selling You Must Know!
Questions you should know the answer to:
– Do I need to fix the defects in the Home Report?
– Do I need to disclose any defects and problems to the seller?
– What is the benefit of appointing a solicitor before getting an offer?
– What should I not discuss with any potential buyer?
A survey is required to provide value and comment on the structure.
You should always have a good read at the survey report that comes as part of the Home Report. Among other things, you should check the value the surveyor has placed on the property and any recommendations for repairs that are required. You may also wish to see if the surveyor has made any comment as to whether or not the property has been altered or extended as this could affect the value and structure.
The survey also contains other information such as the age of the property and comment regarding the area and surroundings, as well as suitability for mortgage lending.
2. Prepare To Sell
Prepare your property before you receive an offer. Being legally prepared before you receive an offer could be the difference between selling or not. we always advise you that everything is in place for your property before you receive your offer to buy. Your legal team should organise your titles, alteration documents, permissions, insurances etc. early. Sometimes (due to defects found in your title deeds or lenders) this can take several weeks. Within 48hrs of any offer you should have your acceptance of the offer along with your titles back to the purchasing solicitor.
3. Contracts & Missives
Missives is the formal name for the legal contract between seller and buyer in Scots law. It starts with a written offer usually from the purchaser’s solicitor. Even if you verbally accept this offer there is no contract binding both parties at this stage. Several written amendments can pass back and forth between solicitors (known as Qualified Acceptances) and still there will be no binding contract. Both or either party can withdraw at this stage as there is no contract. It is not until BOTH parties agree in writing to ALL the terms of the contract (missives) that the missives re concluded.
1. Agree the terms of the missives early but have conditions which the seller has to fulfill – not so good for the seller. Warning – If conditions are not satisfied in full the purchaser can sometimes escape (rescind) the contract.
2. Satisfy all the terms in the missives and then conclude the missives. Good for both parties as neither can withdraw and the seller is not running about to satisfy the purchasing solicitors further than is required in terms of the contract.