If you’ve been house hunting in Scotland, you’ll have probably come across the term closing date. It’s a unique feature of the Scottish property market that can surprise first-time buyers and those moving from other parts of the UK. But what is a closing date, how does it work, and what should you expect when making an offer?
What is a Closing Date?
A closing date is set when a property attracts a lot of interest and more than one party wants to make an offer. The estate agent handling the sale will “fix” a closing date—a specific date by which all formal offers must be submitted. Think of it as a blind auction: each buyer submits their best offer without knowing what others are offering, and all bids are opened at once after the deadline has passed.
You should have your solicitor note your interest if you wish to purchase a property. Once your solicitor has noted your interest with the seller’s agent, your solicitor will be informed about the closing date and, sometimes, the extent of the competition.
How the Seller Chooses an Offer
Once the closing date has passed, the seller will consider all the offers. While price is important, it’s not the only factor they’ll consider. Sellers will also look at the buyer’s position—for example, is the buyer dependent on mortgage approval? Having a mortgage agreement in principle (AIP) demonstrates financial readiness and signals to the seller that you are a serious buyer. Does the buyer need to sell another property first? Are there any conditions attached, such as a survey or repair estimate?
It’s worth noting that the seller is not obliged to accept the highest offer—or indeed any offer. If none of the offers are satisfactory, they may continue to market the property.
Do All Properties Go to a Closing Date?
Not necessarily. Sellers don’t have to set a closing date even if someone has expressed interest. In competitive markets, the importance of a quick sale cannot be overstated, as both buyers and sellers often prioritise speed in their offers and purchases. If the right offer comes along, a seller can accept it anytime without a closing date.
Understanding current market conditions can influence the decision to set a closing date. It helps assess whether the market favours buyers or sellers and determines the best timing for offers. This is one of the many reasons why swift action and sound legal advice are so important.
Legal Rules and Professional Conduct
The Law Society of Scotland has strict guidelines for solicitors involved in the closing date process to ensure fairness and transparency. For example, if a solicitor indicates (verbally or in writing) that an offer will be accepted, they cannot switch to another offer unless negotiations genuinely fall through. This prevents “gazumping”, which is more common in other parts of the UK. However, it’s important to note that the contract to buy and sell is not legally binding until missives are concluded.
Buyer’s solicitors must ensure any conditions are set out in the offer. This might include making the offer subject to mortgage approval, selling another property, or obtaining the survey results. If an offer is accepted and the buyer later tries to renegotiate for reasons not stated in the original offer, the solicitor cannot continue to act.
Submitting Late or Revised Offers
Once the closing date has passed, submitting a revised or late offer is generally impossible unless the seller’s agent explicitly invites it. However, a solicitor can advise the seller’s agent that a buyer is still interested in case negotiations with the preferred bidder fall through. In that scenario, the solicitor must not disclose an increased price unless invited.
After an offer has been accepted, it is crucial to contact the selling agent to ensure the property is removed from the market to protect the buyer’s interests.
Get Your Offer In On Time
If you’re making an offer on a closing date, timing is everything. We strongly recommend instructing us as soon as possible—ideally, the day before the closing date. It’s risky to leave it too late, as the solicitor you’d like to instruct may already be acting for another interested buyer or be unavailable due to other commitments.
In short, once you’ve found a property you love, it’s never too early to contact your solicitor. Being well-prepared before making an offer can significantly increase your confidence during negotiations and show that you are a serious buyer.
Contact Us
If you’re considering making an offer on a property in Scotland, contact our conveyancing team at Carr Berman Crichton as soon as possible. We’ll prepare everything in time and give you the best chance of success.
