No Sale no Fee for CSPC sellers

House selling in Scotland has just become a little bit less painful for sellers using the Central Solicitors Property Centre.  The CSPC has just launched a new “no sale no fee product” which will allow sellers to market their house with normal marketing costs being taken on credit up front, not out of the sellers pocket, and not  being paid by the seller at all if the property does not sell within a nine month period.  The product is actually a clever combination of a credit facility and an insurance – which pays out the normal up front costs of marketing if the property does not sell within the nine months.  On the other hand, if the property does sell within that period these costs would be paid out of the sale proceeds.  The seller would only be left paying for the service which costs £70 for up to £1000 of credit and £110 for up to £1250 worth of credit.  The policy would also pay the up front costs if a property had to be taken off the market for issues like serious illness or redundancy. David Borrowman, Managing Partner of Caesar and Howie, welcomes this development.  “Many, would be sellers, are put off by the high costs of marketing a property now – particularly the cost of the Home Report.  We think the government should abandon Home Reports and the market will then improve.  But until that happens this new product at least will make it easier for people to test the market for sale of their house.” Property Consultant John Renton, also welcomes the no sale no fee development.  “This will definitely be attractive to some house sellers in Scotland.  But it is important to be aware that conditions apply to the deal.  The seller must market at a price not in excess of the Home Report valuation, and must actively market the property throughout the nine month period.  In addition the house seller must accept reasonable marketing advice and reasonable offers.  But I think these conditions are relatively fair and if people wishing to sell their house in Scotland are realistic in the prices they seek this product will definitely help.”