Exchange of contracts
Exchange of contracts occurs when the following have been performed, confirmed and agreed:
- Preliminary enquiries following receipt of draft contract.
- Evidence of good title to the property.
- Any specific issues highlighted in the lease, if applicable.
- Local search queries.
Fixtures and fittings to be included in the sale.
- The buyer's mortgage offer, if applicable.
Once the contract has been signed by both parties, the deposit (usually 10% of the purchase price) will be telegraphically transferred, or paid in the form of a banker's draft, by the buyer's solicitor to your solicitor.
The completion date is then set by mutual agreement.