What is a closing date?

We are seeing more of a return to the closing date system here in Scotland than we have over the last few years, hated by many buyers but often beneficial to a seller. The reason for this is really down to a more confident and competitive property market with more buyers out there in the market place but less properties to choose from. This situation naturally causes an imbalance and often results in buyers trying desperately to secure a sale quickly against steep competition.

There is no obligation for the seller to set a closing date when there are more than one interested party but it is still widely considered to be the fairest way in order to give all interested parties an opportunity to give their best offer at a closing date.

Offers should always be submitted in writing at the agreed date and time as offers arriving after this time will be disregarded.

The sellers will then sit down with their agent and choose the best offer for them, it may not always be the highest offer that wins the day flexibility on dates of entry are very important and less clauses on offers such as subject to a sale or finance can rule some offers out.

View All Posts