part exchange
A step-by-step guide
- Reserve your new Scotia home with £500, fixing the price of your new house.
- Scotia shall instruct an independent firm of surveyors to carry out a home report of your existing property (including a valuation based upon achieving a sale within approximately 8 weeks).
- Scotia shall also arrange their own inspection of your existing property and shall also provide you with a copy of the independent surveyor’s home report.
Thereafter, either of the following will occur:
A) An offer price for your existing property shall be agreed and the included extras within your existing property will be clarified i.e. floor coverings, curtains, blinds, fixed light fittings etc. At this time the date of exchange/entry would also be agreed.
- Upon reaching agreement as to the offer price for your existing property Scotia shall issue an exchange contract to your solicitor and this contract requires to be concluded within 14 days of its issue.
- The £500 reservation fee shall be deducted from the purchase price of your new home.
- Scotia shall commence marketing your existing property as soon as the exchange contract is signed and concluded. Although it is Scotia’s responsibility to sell your existing property the appointed Estate Agency
shall provide you with regular updates until such time as you have vacated your existing property.
OR
B) Should all parties fail to reach agreement as to the offer price of your existing property, the reservation of your new Scotia home shall lapse and the reservation fee of £500 shall be returned less the cost of the independent surveyor’s home report. Also, if for whatever reason Scotia do not make an offer for your existing property the reservation shall lapse and the reservation fee of £500 shall be returned less the cost of the independent surveyor’s home report.