What’s a Note of Interest (NOI) and what does it mean?


What’s a Note of Interest (NOI) and what does it mean?

If you’ve fallen in love with a property but, you aren’t ready to put an offer in yet – maybe you haven’t got your mortgage in principle or your own house isn’t under offer yet. A note of interest is the first step towards ensuring (although not a guarantee) that you get to make an offer on the property you love before it is sold to someone else.

 

A note of interest will ensure you are notified should someone else offer or there be a lot of interest in the property. You can either do this yourself by calling or emailing the Estate Agent or you can you this through your lawyer.  When asking them to do so you should provide your solicitor with:

 

  • The property address
  • The Estate Agent that is listing it
  • Ideally the phone number of the agent

 

A note of interest is not legally binding, but they do help you gain some time in getting yourself organised to put an offer on the property. You can also ask if there are any other NOI’s to gauge how quickly the property is going to go.

 

A note of interest can also lever the home owner to set a closing date rather than accepting the first offer – therefore making the system completely fair to all buyers involved. Sometimes this is not the case and is purely based on circumstances of the seller. A NOI is not always a guarantee but is definitely a great way should you need some time to think things through!

 

To find out more about notes of interest and how they work call our property experts today on: 01738 44 43 42.

 

Or are you looking for a solicitor to represent you? We have a team of experienced solicitors that can help you each step of the way.