A Note of Interest is a way of trying to ensure that you get a chance to make an offer on a property that is for sale in Scotland. It is a way of telling the seller’s estate agent that you would be interested in making an offer on the property when the “Closing Date” arrives. You are not legally obliged to make an offer if you decide you are no longer interested in the property, although informing the selling party that you’ve decided to withdraw would be advised.
The Law Society of Scotland guidelines state that, if a seller’s solicitor/estate agent decides to set a Closing Date, they have to get in touch with everyone who has noted interest to let them know about the Closing Date and give them an opportunity to submit an offer at the Closing Date. The potential buyers submit their offers by the allocated time and without knowing what the other parties are offering.
A Note of Interest should be submitted on your behalf by a firm of solicitors as it is more likely to be taken seriously, so it is recommended that you make contact with a solicitor as soon as you start an earnest search for a property.
As Solicitor-Estate Agents, Aikman Bell are members of the all important ESPC, the best marketing tool available to property sellers in East Central Scotland. Call Aikman Bell for a free, no-obligation chat if you’re thinking of a property move.