Exchange of contracts is when the two legal firms representing the buyer and seller exchange signed contracts, and the buyer pays their deposit. At this stage, an agreement to buy or sell a property becomes legally binding. Neither party can back out of the agreement.
When you exchange contracts, you should set a completion date. These are typically set one week after the exchange, but this is just a guideline. If no one in the chain is in a hurry to move, you can ask for more time.
When setting a completion day, it is a good time to double-check that you don’t owe any money to your mortgage lender, particularly if you are selling your previous home for less than your new purchase.
On the day of completion, you will receive a phone call from your conveyancer stating you can collect the keys and move in. At the same time, you will pay any remaining money to the seller.
When you exchange contracts, you should set a completion date. These are typically set one week after the exchange, but this is just a guideline. If no one in the chain is in a hurry to move, you can ask for more time.
When setting a completion day, it is a good time to double-check that you don’t owe any money to your mortgage lender, particularly if you are selling your previous home for less than your new purchase.
On the day of completion, you will receive a phone call from your conveyancer stating you can collect the keys and move in. At the same time, you will pay any remaining money to the seller.
