What is the 'Exchange of Contracts'?

This is the pivotal part of the purchase process. Once the buyer's conveyancer and the developer's conveyancer confirm and agree to the terms set out in the contracts, the exchange of these contracts can then take place.

Put simply, this then means that the buyer and the developer are legally committed to the purchase and neither of them can pull out of the sale. 


Did you find it helpful? Yes No

Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.