Exchanging Contracts

Before the property is yours the important fact of exchanging contracts needs to take place.

Firstly, the solicitors acting both for the buyer and for the seller will need to finalise the contract terms.

Once final searches have been completed, the contracts will be drawn up, signed and then exchanged.

After the exchanging of contracts occurs the contract becomes legally binding and as long as the buyer’s solicitor has done his job correctly (by including a lockout stipulation) then there is no way in which the seller of the property can accept a higher offer. By the same token it must also be remembered that the buyer then becomes legally obliged to purchase the property.