Exchange of contracts
When the buyer and seller are happy with the contents of the sale and purchase contract, they each sign a copy of it and their solicitor will take the formal steps required to exchange contracts. Once contracts are exchanged, the agreement to sell and buy is legally binding and neither party can pull out without being liable for payment of compensation. A buyer will pay the seller a deposit (usually 10 per cent of the purchase price of the property) at exchange of contracts. This is also when the completion date, or your moving date, is fixed.
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