Exchange of Contracts
You are not legally bound to buy or sell a property until the signed contracts have been formally exchanged between the purchaser’s and seller’s solicitors. This is usually completed by way of a telephone call between the two solicitors.
The contracts are prepared in duplicate, one part which is signed by the buyer and the other by the seller.
Contracts are exchanged when all legal matters have been dealt with and are satisfied.
At this stage the date for completion is agreed and – once contracts are exchanged – will become the date each party will move from or to the property.
Upon exchange of contracts, the contract will become legally binding and the deposit (usually 10%) of the purchase price will be paid from the buyer to the seller.
Contracts will not be exchanged without having first obtained authority from you.
If you have any enquiries or for a free no obligation quotation please contact our Real Estate Team on 01603 610911 (or email conveyancing@leathesprior.co.uk ).
