Exchange & Completion
EXCHANGE OF CONTRACTS
The solicitors draw up the Draft Contract which sets of the Terms of the Sale and sends it to the buyers’ solicitor together with all relevant documents. Any enquiries will then be raised, the Title Deeds and Lease (if applicable) will be checked. Once the draft contracts have been approved, it can be signed by both parties.
As long as the mortgage offer has been received and cleared, and funds placed with your buyer's solicitor, a mutually convenient date can be agreed upon for the exchange of contracts.
The purchaser must ensure that they hold building insurance on the property they are purchasing from the day exchange takes place.
COMPLETION
The completion usually takes place between 7 to 28 days depending on the buyers, sellers and their respective solicitors.
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