Property Jargon Buster - What Does it Mean to Note Interest in a Property?
What Does it Mean to Note Interest in a Property?
Buying and selling a property can be a stressful time for people, especially if it’s something that you haven’t done before. Adding to the stress is the fact that conveyancing – the legal work that’s done after you’ve agreed the key parts of an offer for a place you’re buying or selling – often features confusing jargon.
Warners Jargon Busting articles are here to help – giving you plain English answers to some of the most common questions that we are asked.
Today we take a look at what it means to ‘note interest’ in a property.
When you’re house-hunting in Scotland, once you’ve been to see a property that you like your solicitor will probably ask you if you would like them to note interest in the property for you.
By noting interest, you are basically saying that you would like an opportunity to make an offer on the property before it sells. If the seller is thinking about accepting an offer or if they decide to set a closing date, their solicitor should contact yours so that you can decide whether to make an offer.
Will My Solicitor Charge me for Noting Interest?
In our experience, the vast majority of solicitors will not charge you for noting interest on a property. At Warners we don’t charge our purchasing clients for noting interest or submitting offers, so you don’t have to worry about costs piling up and we won’t charge you anything until you actually have an offer accepted.
A good solicitor will also find out how many other notes of interest are on the property so you can gauge the level of competition that you are likely to face.
Does Noting Interest Mean That I’ll Definitely Get a Chance to Make an Offer?
Unfortunately, even once your solicitor has noted interest in a property it doesn’t guarantee that you will get a chance to make an offer on it. It’s possible that the seller will receive an offer that is so good that they are happy to accept it without going to a closing date and they are free to do so.
Because of that, we always advise our clients that if they are seriously interested in a property it can be well worth submitting an offer, even if there are other notes of interest. It’s possible that the seller will be happy to accept your offer and even if they don’t, there is nothing to prevent you from offering again if they decide to go ahead and set a closing date.
Am I Committed to Making an Offer on a Property That I've Noted Interest In?
No. You're under absolutely no obligation to make an offer.
If you are thinking of buying a property or if you have any questions about buying or selling a home, get in touch with us today on 0131 667 0232. Alternatively, if you can contact us today for a no-obligation quote for buying your new home.