Some bed-time reading.
A lexicon of common legal terms and their meanings, as used in Scottish property transactions:
: The date set by the seller when all offers for the property must be submitted.
: The process of putting in place a contract between buyer and seller.
: The date specified in the contract for completion of the transaction.
: The title deed which transfers the property from the seller to the buyer.
: Indicates that the price of the property is set and not open to negotiation.
: A document supplied by the seller and available to potential buyers, comprising a single survey, an energy report, and a property questionnaire.
: A tax payable to Revenue Scotland when you buy a property. Varies according to value.
: The contract between buyer and seller, including the Offer, Qualified Acceptance, and any subsequent formal letters exchanged by their solicitors.
: A verbal indication from a potential buyer’s solicitor to the seller’s agent that the potential buyer is interested in buying the property.
: Indicates that the price is only a guideline for the buyer and that the seller is expecting an offer higher than the quoted price.
: Acceptance by the seller of the buyer’s offer with a list of conditions attached to the sale of the property.
: Completion of the transaction, when the price is paid to the seller’s solicitors in return for the title deeds and the keys.
: A mortgage document signed by the buyer which gives the mortgage provider certain rights over the property.
: A condition often attached to an offer for a property, meaning the offer is only valid when a survey has been completed and the buyer is satisfied with the results.
: Written communication from solicitor to client at the outset, providing details of the service that the solicitor will provide.
: Conditions attached to the title of the property.
: Documentation of ownership of the property