[BUYING AND SELLING REAL ESTATE IN SCOTLAND]
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8. INSURANCE We recommend that buildings insurance on the property and if relevant life policies on purchaser’s lives are effected (provided proper advice is taken and given) and, subject to that, put into force as soon as missives are concluded in any purchase because from that date a purchaser will be under a legal obligation to purchase the property and pay the purchase price. 9. GENERAL Hopefully, we have covered some of the more relevant issues that may arise during a residential sale or purchase transaction. We did not set out in these notes to answer every question but have simply dealt with some of the most often raised questions. 10. Purchase/Leasing of Commercial Property The principles of commercial property practice in Scotland are not dissimilar to English practice. There will be differences in terminology, legal variances where the actual law differs in each country, and the Land and Buildings Transaction Tax payable. We would refer you to Fladgate LLP’s excellent guide for general information, but should you have a specific query relating to purchase or leasing in Scotland generally, or indeed any planned purchase, sale, lease, or development of commercial property in Scotland, please refer your query to us and our experts will be pleased to assist you.
ILN Real Estate Group – Buying and Selling Real Estate Series
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