Sellers guide to the sales process in Scotland
Selling a property in Scotland involves a series of well-defined steps, each crucial to ensuring a smooth transaction. Below is a guide to help you navigate the sales process from valuation to completion. Of course, someone from our team will be on hand to guide you every step of the way.
1. Valuation and Instruction Process
The first step in selling your property is understanding its market value. An experienced member of our team will visit your property at a convenient time to conduct a free pre-sale valuation. After this visit, you will receive a marketing report that includes an estimate of your property's current market value, along with a detailed breakdown of our fees and services.
Once you decide to move forward and instruct us to sell your property, we will guide you through the next steps. You will receive the necessary instruction-to-sell documents, which you need to complete, sign and return. At this stage, you will also be informed about the identification documents required to complete the sign-up process.
As soon as you are ready for the marketing to begin, you will coordinate with our in-house photographer and surveyor to arrange access to your property. They will prepare a draft sales schedule and a draft Home Report survey, both of which will be sent to you for review and approval. Once you have approved these documents, we will order the for-sale board and officially launch your property on the market!
2. Understanding the Home Report
In Scotland, every property listed for sale must have a Home Report available for prospective buyers. The Home Report is a pack consisting of three documents:
Single Survey: Conducted by a chartered surveyor, this document assesses the condition of your property, provides a market valuation and includes an accessibility audit for those with specific needs.
Energy Report: Also prepared by the surveyor, this report evaluates the energy efficiency of the property and its environmental impact. It includes recommendations for improving energy efficiency, which can appeal to environmentally conscious buyers.
Property Questionnaire: Completed by you, this questionnaire provides additional information about the property, such as council tax banding and factoring costs, which can be valuable for potential buyers.
The legislation requires that the Home Report be no more than 12 weeks old when the property is put on the market. Although there is no legal obligation to update the Home Report as long as the property remains listed, a purchaser’s lender may request a Home Report Refresh if the report is older than 12 weeks.
Additionally, if your property is temporarily taken off the market for up to 28 days, you will not need a new Home Report when relisting.
3. Receiving and Handling Offers
Once your property is on the market, potential buyers will start expressing interest. They may instruct their solicitor to submit a Note of Interest, indicating that they wish to be kept informed of any developments. While a Note of Interest shows that a buyer is keen, it does not obligate them to make an offer, nor does it prevent the seller from accepting another offer.
When a buyer is ready to make an offer, they will often do so after arranging financing and gathering as much information as possible about the property. Offers can be unconditional, which means the buyer agrees to the price and terms outright, or conditional, where the buyer may set specific terms that need to be met.
If the property is listed at a Fixed Price, the first firm offer at that price is usually accepted. However, if the property is listed as ‘offers over’, it indicates the minimum amount the seller would consider. If multiple buyers are interested, the seller may set a closing date for submitting sealed offers, choosing the best one from those received.
After an offer is accepted, there may be further negotiations to settle conditions before a binding contract is formed.
4. Completing the Sale
The sale process is finalised when all conditions of the accepted offer have been met, a stage known as ‘concluding the missives’. At this point, the transaction becomes legally binding. The purchaser’s solicitor will handle the conveyancing, which includes preparing a ‘disposition’ document that transfers ownership of the property to the buyer.
The contract (Missives) will specify the date of entry, which is the day the buyer pays the purchase price and, in return, receives the keys and legal ownership of the property. The purchaser’s solicitor manages all the arrangements for this settlement, marking the completion of the sale.
By understanding each step in this process, you can approach the sale of your property with confidence, knowing what to expect and how to prepare at each stage. If you are thinking of selling your home - don't hesitate to get in touch or book a valuation below.