Note of interest vs offer: what each commits you to

Noting interest and making an offer are different steps in the Scottish process. One commits you to nothing; the other can lead to a binding contract.

Noting interest

• Done by your solicitor, usually by phone or email to the selling agent
• Means the agent should tell you if a closing date is set
• Commits you to nothing, and usually costs little or nothing
• Doesn't stop the seller accepting another offer before a closing date, but makes it less likely without you being told

Making an offer

• A formal letter from your solicitor setting out the price, date of entry, what's included and any conditions
• Can be accepted, rejected, or answered with a "qualified acceptance" that changes some terms
• Becomes part of the missives

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When it becomes binding

The contract is binding once missives are concluded: when all the terms have been agreed in writing by both solicitors. Before that point either side can usually withdraw, but after it, pulling out can be very costly.

When to do each

Note interest as soon as you are seriously considering a property. Make an offer only once your finance, solicitor and checks are in place.