Exchange of Contracts

This is the legal term for the point at which the contract for your purchase becomes binding – that is to say that once contracts have been exchanged neither you nor the seller is able to withdraw from the transaction without incurring a financial penalty.

Once we have dealt with the deposit, are holding your signed documentation and have agreed a completion date with you and with the seller, the exchange of contracts is dealt with over the telephone by us and the seller’s lawyer.

If you are both buying and selling then we will obviously ensure that the two transactions are dealt with simultaneously.