If you’re thinking about buying or selling a house then you may have noticed that a closing date is often used from time to time. We often speak to people who aren’t aware of what a closing date is and what it’s used for.
A closing date is unique to the Scottish property market and works hand in hand with “notes of interest”.
We will walk you through exactly what a note of interest is and how this ties in with closing dates for properties being sold in Scotland.
What is a Closing Date?
A closing date for a property is generally used when the home has received a lot of interest and is continuing to generate enquires.
The estate agent, on behalf of the seller, will set a date and time for anyone who is interested to place their final offer for the property. Closing dates aim to provide a fair system where interested buyers can place their best offer, however prospective buyers are unaware of other offers and how many people are interested.
Once the closing date has passed, no more offers can be accepted. The seller and their estate agent will then discuss the offers and decide which, if any, to choose. The seller can select any offer and may decide to proceed with a cash buyer, even if it’s not the highest offer.
What is a Note of Interest?
When someone is interested in buying a property, but they aren’t sure about putting in an offer, they will place a note of interest.
This will mean that should the property go to a closing date the potential buyer will be informed and will have time to place their offer, should they wish to do so.
Anyone placing a note of interest isn’t legally obligated to make an offer at any point for the property and the owner can still sell to someone else.
A note of interest is usually submitted to a seller via a conveyancer / solicitor. When a seller receives enough of these they will usually set a closing date.
Need Help Selling Your Property?
If you are considering selling your property and would like to know more about how we can help you, then please call our Sales Manager, Samantha, on 01355 907 771 and we will be happy to help.
We strive to ensure the process is easy to understand and we will keep you apprised on all developments. For a local, knowledgeable and supportive selling experience, speak to Bensons Estate Agents.