January 19, 2022

Understanding property terminology (or legal jargon!) can be confusing for a first-time buyer. This glossary of common terms will help make dealing with property professionals much more straightforward.

 

  • Closing Date: the date set by the seller when all offers for the property must be submitted
  • Concluding Missives: Finalising the contract between buyer and seller so neither can withdraw without paying damages.
  • Date of Entry: date specified in the contract for completion of the transaction
  • Disposition: title deed which transfers the property from the seller to the buyer
  • Fixed Price: indicates the price of the property expected by the seller
  • Home Report: (compulsory for selling a property) document supplied by a seller to a potential buyer of a property comprising of a Single Survey – an assessment by a surveyor about the condition and the value of a property, Energy Report – an assessment by a surveyor on the energy efficiency of a property, and a Property Questionnaire – a document completed by the seller containing additional information about the property
  • Land and Buildings Transaction Tax: a tax payable to Revenue Scotland when you buy a property (similar to SDLT/stamp duty in England)
  • Missives: contract between buyer and seller (i.e. the Offer, Qualified Acceptance and any subsequent formal letters exchanged by their solicitors)
  • Noting Interest: verbal indication from a potential buyer’s solicitor to the seller’s agent that the potential buyer is interested in buying the property
  • Offers Over: indicates that the price is only a guideline for the buyer and that the seller is expecting an offer which is higher than the quoted price
  • Qualified Acceptance: acceptance by the seller of the buyer’s offer with a list of conditions attached to the sale of the property
  • Settlement: completion of the transaction, when the price is paid to the seller’s solicitors in return for the title deeds and the keys
  • Standard Security: mortgage document signed by the buyer which gives the mortgage provider certain rights over the property
  • Subject to Survey: condition often attached to an offer for a property. It means that the offer is only valid when a survey has been completed and the buyer is satisfied with the results.
  • Terms of Business: written communication from solicitor to client at the outset which provides details of the service that the solicitor will provide
  • Title Burdens: conditions attached to the title of the property
  • Titles/Title Deeds: Documentation of ownership of the property

 

At McDougall McQueen we try to avoid legal jargon and our experienced team will take you through every step of the buying process, whether you are a first-time buyer or a seasoned property investor.

Click here to download our first-time buyers guide for more information on the process.