Closing Date under Scots Law?

alyth

hi - wonder if anyone can advise me on something. My house is on the market, and there's been a fair amount of interest, so, as we can do under Scots Law, we've set a closing date for Friday lunchtime - we knew there were more than a couple of people interested in the house, hence the closing date. We'd already rejected a couple of offers, but literally tonight someone has rung and offered a fantastic offer - are we able to "cancel" the closing date and accept the offer we've received tonight? Many thanks, Alyth

mookybargirl

Sorry, I don't know. Hopefully someone will be along soon to help answer this.

Wouldn't it be better to leave open the closing date as someone could beat that offer - you never know.......;)

alyth

we're having a "discussion" about that at present - I don't want to pin my hopes on this offer as it could well fall through, but by the same token at closing on Friday no-one might offer! And I don't want to hack this couple off by saying we'll take their offer and then on Firiday accepting another offer! Ah, it's all a scary gamble.....!

cannyscot_2

I believe by law if you have set a closing date and there are two people who have notified an interest you have to go ahead-but I am pretty sure you are not obliged to accept the highest offer anyway .I think you can discuss with your solicitor the various offers ,move in dates etc and choose what you want! I wouldn't worry about hacking them off-you believe you have to have the closing date and if they are still interested their solicitor will tell them to include a sealed bid on Friday. Plus all is fair in selling houses -the house is not sold till missives are exchanged and if your solicitor has not checked them out then their fantastic offer could evaporate so just concentrate on being fair to yourself.

http://www.channel4.com/4homes/buyingandselling/specialcases/scases_scotland-2.html

another site
......If more than one buyer has expressed serious interest in a property the seller's solicitor will get in touch with all the parties through their solicitors and fix a closing date by which sealed bids for the property must be received. None of the parties will be aware of what the others have bid for. If you find yourself in this situation ask your solicitor for advise on how much to offer over the 'upset price' - keeping in mind that the final decision is always yours.

agreeing the offer [top]

After the fixed closing date, the seller and their solicitor will examine all bids received. Although the party offering the highest price is the successful bidder, the seller can take other factors such as the required moving in date when making a decision.