Buying or selling a property in Scotland can be confusing, especially when you come across terms like under offer, sold, and closing date.
If you’re specifically wondering what “under offer” means on a house, this is when the seller has accepted a buyer’s offer, but the sale is not yet legally binding and contracts have not been concluded.
Understanding the meaning of these terms is key to navigating the property market and knowing exactly where you stand when buying or selling a property.
Here’s our quick comparison guide:
The table below summarises the three key stages buyers and sellers commonly encounter during a property transaction in Scotland.
|
Term |
What it means |
Legal status |
Key notes |
|
Under offer |
An offer on a property has been accepted in principle. |
Not legally binding |
Buyer and seller can both negotiate final terms via their solicitors. The sale might still fall through at this stage. |
|
Closing Date |
The deadline for submitting final offers. |
Not legally binding |
The closing date is often set by the seller’s solicitor. |
|
Sold |
The sale is legally complete. |
Legally binding |
Conclusion of the contract between the purchaser and the seller. |
What does it mean when a property is listed as under offer?
A property is marked as under offer when the seller has verbally agreed to accept a purchaser’s offer, and is happy with the conditions contained within it. This means the seller and purchaser are actively working together – with their appointed solicitors – to conclude a contract for the sale.
Once an offer has been accepted, solicitors negotiate the terms of the contract through the exchange of missives. During this stage the property is considered under offer but the sale isn’t yet legally binding.
It’s important to note that a verbal acceptance of an offer does not make a sale legally binding. The sale only becomes official once the missives have concluded.
Want a more detailed explanation of the under offer stage? Read our guide to what “under offer” means when buying a property in Scotland, including what happens next and whether you can still make an offer.
What is a closing date in Scotland?
A closing date is used by a seller when there are multiple parties interested in purchasing their property. The estate agent advertising the property will typically advise the seller of when they should or should not set a closing date.
All interested buyers are invited to submit their best and final offer to the seller’s estate agent at a specified time and date. This is essentially a blind bidding process, and no offers will be considered until the closing date has passed – nor would any new offers be considered after this closing date.
The seller and their estate agent will then review and discuss all offers received and select the one that best suits their circumstances.
What happens after a closing date?
- Seller reviews all offers
- One offer is accepted
- The property becomes under offer
- Solicitors begin negotiating missives
- Once missives conclude, the property is sold
It’s worth noting the common myth that a seller will accept the highest offer – in fact, this is not always the case. The seller will also take into consideration what conditions are contained within the offer, the price, and when the purchaser can complete the transaction.
After a decision is made, the property is listed as being under offer.
When is a property listed as sold in Scotland?
A property is marked as sold when the contract for the sale has concluded. This means that the seller and purchaser have both reached an agreement in writing and will not be in a position to withdraw from the transaction without substantial financial penalty.
The property is removed from the market and the purchaser will obtain the keys to their new home on the agreed completion date.
Step by step – what to do after your property is marked as sold
- Confirm legal completion – Ensure your solicitor has issued the final letter confirming the sale is legally binding.
- Arrange final payments – Complete any remaining mortgage, deposit, or solicitor payments.
- Prepare for moving day – Coordinate with removal services and update your address with utilities and services.
- Hand over the property – Provide keys and any necessary documents to the buyer.
- Keep records – Store contracts, receipts, and correspondence for future reference or tax purposes.
If you require assistance buying property or selling a house, our estate agency and conveyancing teams are with you all the way. Contact us today to find out more about how our 150 years of property experience in the Highlands can benefit you.
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