Glossary of property terms

Closing Date

Date set by the seller when all offers for the property must be submitted

Concluding Missives 

Putting in place a contract between buyer and seller

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 that the price of the property expected by the seller

Home Report 

Copy document supplied by a seller to a potential buyer of a property comprising:

• 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
• 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

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