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What is exchange of contracts?
Exchange of contracts is the point where you sign a contract agreeing to buy a house and the seller signs a contract agreeing to sell the house to you.
How does exchange of contracts and completion work?
In England and Wales, exchange of contracts is one of the last stages of buying a house. Once the contracts have been exchanged, the buyer and seller can’t back out. This commits you by law to buying the property, so only happens once your deposit and mortgage are in place.
The exchange of contracts will be handled by your conveyancer. Before the exchange can happen, you’ll need to make sure of the following:
- You have a mortgage offer from your lender and all of the conditions have been met.
- You’ve agreed what’s included in your offer (fixtures and fittings).
- You’ve signed your copy of the contract.
- You’ve paid your conveyancer the deposit so that they can send it to the seller’s conveyancer.
- You’ve arranged buildings insurance to cover against the cost of damage to your new home from things like fires and floods.
- You’ve agreed a moving date!
Once that’s done, your conveyancer can exchange contracts.
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