NUMBER ONE Success System

[Tommy Lee]

http://www.noss123.com/

The position in Scotland under Scots law is that the contract is generally
concluded at a much earlier stage, and the initial offer, once accepted by
the seller, is legally binding. This results in a system of conveyancing
where buyers get their survey done before making a bid through their
solicitor to the seller's solicitor. If there is competing interest for a
property, sellers will normally set a closing date for the initial offers.
The contract is normally formed by letters between the solicitors on behalf
of each of the seller and purchaser, called missives. Once all the terms of
the contract are agreed, the missives are said to be concluded, and there is
then a binding contract for the sale of the property. Normally the contract
is conditional upon matters such as the sellers being able, before
completion of the transaction, to prove that they have good title to the
property and to exhibit clear searches from the property registers and the
local authority. The fact that there is a binding contract at a relatively
early stage, compared with the normal practice in England and Wales, makes
the problem of gazumping a rarity. The disadvantage for the buyer is that
they usually have to bear the cost of the survey for unsuccessful bids,
though trials have been made of a system where the seller arranges for one
survey available to all bidders.
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