A Guide to Selling Property in Scotland
If you are thinking about selling your home you will need to instruct a surveyor to carry out a Home Report on your property. The Home Report consists of three parts, a Property Questionnaire that you as a seller will need to complete, the single survey which provides information about the structure of the property its general condition including services and the Surveyors professional opinion as to the market value of the property. The final part of the Home Report is the Energy Performance Certificate. Once you have a Home Report in place you will need to decide how you wish to market your property whether this is privately or through an estate agent.
An estate agent will be able to:
- Advise you about local property values and what price you should market your property for (asking price).
- Take details of your property and prepare sales particulars.
- Market your property in their office window, website or national website such as primelocation.com.
- Contact prospective buyers.
- Arrange viewings and provide feedback.
Estate agents work on a commission basis typically between 1-4% of the sale price realised plus VAT.
Some estate agents also have an in house Solicitor who will be able to guide you through the legal aspects of selling your home.
The legal aspects of selling a house are as follows:
1. When a prospective buyer is interested in your property it is likely that they will get a Solicitor to note their interest in your property. If you have more than one note of interest your estate agent may advise you to set a closing date for offers. This gives all prospective buyers a chance to make a formal written legal offer by a deadline, which is set by the estate agent.
2. Once you receive a written offer you have to make a decision whether or not to accept the offer made to you. Your Solicitor will discuss the offer with you in detail.
3. If you decide to accept this offer then your Solcitor will send a written qualified acceptance to the purchasers Solcitor. The Purchasers Solicitor will then come back with a formal reply until any outstanding points are resolved between the two parties.
4. Once all the points are resolved in writing a binding contract is then formed at which point Missives are Concluded. Once Missives are concluded then neither the seller nor the buyer can withdraw from the sale without a financial penalty.
5. Your Solicitor will send the title deeds to the purchasers Solcitor for examination. The purchasers Solicitor will then transfer the title to the new purchaser of the property.
6. The new title deed (Disposition) is sent to your Solicitor for your signature while the purchasers Solcitor arranges for the purchasers loan papers to be sent and a standard security to be signed by the purchaser.
7. The day in which the transaction is completed is called the date of entry. On this date funds are transferred and keys are exchanged.
8. Your Solicitor will repay any mortgage from the money that he holds and will deduct and legal and estate agency fees from the proceeds of sale. The balance will be then sent to you.