The Scottish Standard Clauses (Edition 1), designed to represent a Scotland-wide approach to standard clauses for use in residential conveyancing transactions, came into effect on 5 January 2015 and were replaced by Edition 2 which came into effect on 3 May 2016.
It is hoped the Scottish Standard Clauses will lend greater certainty and efficiency in concluding missives than that afforded by the regime of regional standard missives.
The aim is to simplify the conveyancing process by enabling “conclusion of missives” quicker than was previously the case, to the benefit of both the buyer and the seller. Once missives have been concluded there then exists a legally binding contract upon which either party can rely.
The Standard Offer makes reference to the Scottish Standard Clauses (Edition 2) and incorporates them as conditions of the offer.
The form of Standard Offer and the Standard Clauses are designed for use with residential property and should not be considered for other types of property such as shops or offices.
It is hoped that the introduction and now the revision of the Standard Offer will result in the process of conclusion of missives becoming much more straightforward with few of the inherent delays that were involved under the previous system.
The speed and ease of conclusion missives (and clauses with which both the solicitor and the client can become familiar) are enormous benefits. We now have the tool to make this a reality.
Altis will automatically update the all new residential conveyancing transactions with the latest version of both the Scottish Standard Clause and the client guide.
This article was provided by Ross MacKay from HBJ Gateley.