For first-time buyers or those who have been out of the property market for a while, the steps involved in purchasing a property can be daunting. So how do I buy a home in Scotland? Each transaction will differ depending on the circumstances, but the initial steps are:-
- Set your budget - before looking at properties, you should visit a mortgage adviser to work out your budget. Ideally, you should have an 'agreement in principle' in place with your lender before offering to buy a property so you know what you can afford.
- Find a property - a good place to start looking is GSPC's website or ESPC's website where you can search according to location, property type and budget. Sign up for email alerts so you know as soon as a property that matches your criteria comes onto the market!
- Request the Home Report - all properties marketed for sale must have a Home Report which can be made available to interested parties. This is useful in giving an idea of the property value and any potential issues.
- Note interest - if you find a property you are interested in but aren't ready to commit to an offer, we can note interest on your behalf. This doesn't oblige you to offer for the property; it lets the selling agents know you are interested and wish to be kept informed of developments.
- Make an offer - once you have found your dream home and are satisfied you can afford it, it's time to take the plunge and submit a formal offer. If there has been a lot of interest in the property, the selling agents may set a closing date where a date and time is fixed at which interested parties submit written offers. Closing dates are less common in the current economic climate, and more usually purchasers and sellers negotiate a price verbally (normally through their solicitor and estate agent), before a formal written offer is submitted.
- Conclude the contract - the offer, written acceptance and any subsequent formal letters form part of the legal contract known as "the missives". When the final formal letter is issued, missives are "concluded" and only at this point is there a binding contract in place.
This is a summary of the initial steps involved in purchasing a property please contact our property team if you wish to discuss further.
