EXCHANGE CONTRACTS

Probably the most important moment in the whole transaction: when contracts are exchanged (physically handed over from side to the other) the sale and purchase become legally binding. This means from that moment on the seller must sell and the buyer must buy at the price set out in the contract, and this must happen on the Completion Date fixed in the contract. Until contracts are exchanged there is no binding agreement and each party can walk away from the deal without any legal consequences.

If you are both buying and selling we shall exchange contracts using a formula agreed between lawyers that means that at no time will you be committed to one side of the deal without a similar binding commitment on the other side. On exchange of contracts a Deposit is paid. The balance will be paid on the Completion Date.