Glossary · UK
What is Missives (Scotland)?
The exchange of formal letters between a buyer's and seller's solicitors in Scotland that creates a legally binding property contract.
Full Definition
Missives are the formal, legally binding contract created in Scottish property transactions through an exchange of letters between the buyer's and seller's solicitors, serving broadly the same legal function as "exchange of contracts" does in the English and Welsh conveyancing system, but arrived at differently. The process typically starts with an offer letter from the buyer's solicitor, followed by a qualified acceptance from the seller's solicitor (often introducing or responding to standard conditions), and then a further exchange of adjustment letters as both sides negotiate specific terms, such as included fixtures, the date of entry (completion), and any special conditions, until both solicitors confirm all conditions are agreed and missives are formally "concluded" -- at that point, unlike in England and Wales where contracts are typically exchanged only shortly before completion, both parties in Scotland are immediately legally bound to complete the transaction, which is one of the most important practical differences buyers and sellers moving between the two systems need to understand. Because conclusion of missives creates a binding obligation to buy and sell, Scottish buyers are generally expected to have arranged their mortgage offer, survey (commonly a Home Report, provided by the seller before marketing) and funding in place before this stage, rather than after, which is the reverse of the more familiar English sequence where a mortgage offer and survey typically follow an accepted offer but precede contract exchange.