Scots property law governs the rules of
property in
Scotland. A fundamental distinction in Scots law is between
heritable and
moveable property.
Heritable property includes land and buildings, whereas
moveable property includes title to property which actually physically moves, which would normally pass only on delivery. Moveable rights also include those to intellectual property, such as patents, trade marks and copyrights. Agreement on an offer for property purchase is a legally binding contract, resulting in a system of
conveyancing where buyers get their
survey done before making a bid to the seller's solicitor, and after a closing date for
bids the seller's acceptance is binding on both parties, preventing
gazumping. In recent times sales of house by way of offering to sell to the first party to make an unconditional offer of a fixed price has eroded the traditional
offers over system. It is important historically because the
feu was first created in Scotland, which is an antecedent of the
fee system, used in conveyancing throughout the
common law system.