Page 10 - International Buyers Guide
P. 10
Key property
terms
Unsure of the property jargon?
These are the terms you are most likely
to come across.
St Abbs
Agreement in Principle Home Report
A provisional offer of a mortgage from a In Scotland, the seller is responsible
lender, provided you meet their requirements. for obtaining and paying for a Home
Agreements in Principle are usually valid for Report before the property is marketed.
around 30 days with most lenders. After that, It is completed by a qualified surveyor
you will normally need to apply again. who inspects the property and provides
an assessment of its condition, together
with their recommendations and an
independent valuation. A Home Report
includes a Single Survey, an Energy
Closing Date Performance Certificate (EPC) and a
Property Questionnaire completed by
A deadline set by the seller when multiple the seller. Sellers are legally required
parties have expressed interest. By this date to provide one when listing a property,
and time, all interested buyers must submit and prospective buyers can access it
their best and final offers through their free of charge. Property listings on espc.
solicitors. Once the closing date has passed, com let you download Home Reports
the seller reviews all offers received and instantly, so there’s no need to wait to
decides which to accept. The highest offer hear from the solicitor estate agent
is not always chosen, as sellers may also before reading one.
consider the proposed entry date and any
conditions attached.
10 | Buying in Scotland
