Congratulations, exchange of contracts has now taken place! This is the point at which all parties become legally bound to the transaction of the property. It is safe to start packing boxes and preparing for removal companies as moving out is just around the corner!
OUR TO DO LIST
- Complete your transaction on the agreed completion date with your buyer’s solicitor.
YOUR TO DO LIST
- Keep an eye out for your phone and emails to organise a completion date with your Exchange and Completion Team.
Your Exchange and Completion Team will have agreed an exchange date as well as a completion date with you and the buyer’s solicitor.
FAQs about Exchange
What happens when Contracts are exchanged?
You need to read and understand the Contract, then sign it in black, wet ink. You and the seller sign identical Contracts, then your solicitors will read the Contracts to confirm that they are indeed identical. The solicitors then check that they have all the relevant legal documents and verify that any other buyers and sellers in the chain are ready to proceed. The Contracts are then exchanged and all parties become legally bound to the transaction.
Can you exchange contracts without a completion date?
No, a completion date must be included in your Final Contract. This allows everyone in the chain to make suitable arrangements such as removal vans, time off work and packing.