So, with the 6 key stages of pre contract stuff sorted, you can start to think about exchange of contracts! This will be the point at which you are legally bound to buy and sell. Until then, buyer or seller can simply walk away. It is an aspect of the conveyancing process that many find frustrating.
The 6 key stages to have completed in order for exchange of contracts to happen are:-
- CONTRACT PACK
And, remember that for exchange of contracts to take place, everyone else in your ‘chain’ must be ready to. Until they are, you will be stuck waiting. And, there is nothing your conveyancer or estate can do in reality to speed anyone else up.
Your conveyancer will only exchange contracts with your express permission. And, before they do, they will have mooted with you a completion date that suits everyone up and down the chain. Exchange of contracts will generally happen on the same day up and down your chain. And, the completion date (which is set at exchange) will also usually be the same up and down the chain.
The buyer will normally pay a 10% deposit to the seller on exchange of contracts, with the balance being paid on the day of completion.