TagExchange and completion

Exchange and completion

By Olivia Wilson
In money
7 Min Read
E

What does ‘exchange of contracts’ mean?Exchange of contracts is when the two legal firms representing the buyer and seller swap signed contracts, and the buyer pays a deposit. At this point, an agreement to buy or sell a property becomes legally binding: once the buyer and the seller have exchanged contracts, they can’t back out of the deal. In this guide, we explain what...

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