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Contract Exchange
Contracts
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Final Steps
Completion

Exchange of Contracts

The exchange of contracts is a crucial milestone in your property purchase journey. This is the point at which the transaction becomes legally binding.

What Happens at Exchange?

  • Your solicitor and the seller's solicitor read out and agree to the contract terms over the phone
  • Both parties sign identical contracts
  • The deposit (usually 10%) is transferred to the seller's solicitor

Before Exchange Checklist

  • Ensure all searches and surveys are complete
  • Have your mortgage offer in writing
  • Have buildings insurance in place
  • Have the deposit funds ready

After Exchange

After exchange, the sale is legally binding. Both parties are committed to the sale, and pulling out would have serious financial and legal consequences.

  • Completion date is set and legally binding
  • Begin planning your move
  • Arrange final funds for completion