The Property Guide


Property Knowledgebase and Glossary

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Offer A bid made by a prospective buyer, this is not legally binding.
Offer (Scotland) This is the formal written offer prepared by your solicitor. It contains the names of the parties, the property, the price, date of entry, details of any furniture to be included in the sale,
and the other standard legal terms required in order to complete the conveyancing and to take legal title to the property. A time limit for acceptance is normally included in the offer.
Offers Over (Scotland) The purchase price may be stated as being offers over a specified sum.
This normally means that the seller is expecting an offer in excess of the specified sum and will not usually accept anything less.
Office Copies Entries A Land Registry term for copies of registers and plans, they are officially marked "office copy" and are legally recognised.
Ombudsman An independent professional body which is set up by law to help settle individual disputes between consumers and firms, for example, estate agents, solicitors and insurance companies.
Open Market Value An opinion of the best price at which the sale of an interest in the property would complete unconditionally for cash consideration on the date of valuation.
Overpayments When you're allowed to pay over your normal monthly payment, so you can pay off your mortgage earlier if you want and save on interest charges.

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