From "Sold STC" to "conclusion of missives" — every key term in selling and buying property at auction in Scotland, defined simply.
Sold Subject to Contract — an accepted offer that isn't yet legally binding. In Scotland the binding point is the conclusion of missives. Learn more →
An offer has been made and is being considered or provisionally accepted; the property isn't yet sold or legally committed. Learn more →
The point at which formal letters between solicitors are agreed, forming the binding contract for a property sale in Scotland. Learn more →
The pack legally required to market a property in Scotland: a Single Survey, Energy Report and Property Questionnaire. Learn more →
An online auction where the winning bidder pays a non-refundable reservation fee and gets a reservation period (usually 28 days) to complete. Learn more →
The minimum price a seller will accept at auction. The seller sets it and is not obliged to sell below it. Learn more →
A property a lender has taken back after default and now sells, usually at auction, to recover the debt. Learn more →
Any home not built of brick/stone with a tiled pitched roof — e.g. steel frame, concrete (PRC), timber or prefab. Learn more →
A post-war steel-framed home built by the British Iron and Steel Federation; classed as non-standard construction. Learn more →
Land and Buildings Transaction Tax — Scotland's equivalent of Stamp Duty, paid by buyers above the threshold. Learn more →
When a seller accepts a higher offer after provisionally agreeing to sell to another buyer; rarer in Scotland due to missives. Learn more →
Scotland Property Auction's process securing a 10% non-refundable deposit from the buyer, protecting the seller against fall-throughs. Learn more →
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