Exchanging contracts and getting to completion can be a confusing process, but we are here to shed some light on this.
Exchange refers to when the conveyancers representing the seller and buyer swap signed contracts and the buyer pays a deposit. At this point, the agreement to buy/sell becomes legally binding, no backing out!
Before exchange of contracts can happen, all previous enquiries must have been satisfied, local searches completed, mortgage offers in and, if a leasehold property, management packs received.
Before contracts are exchanged a completion date must also be set.
Completion is the date on which sale of a property is complete and the property belongs to the buyer. Completion dates are typically set for two weeks after exchange to give time for people to organise their move. Rarely does exchange and completion happen on the same day, although it is possible.
If you're involved in a chain, all sellers and buyers in the chain will complete on the same day.
On completion day the seller will hand over the keys to the buyer, and as a buyer you can now get Settled in!