EXCHANGE OF CONTRACTS

Once the contract has been signed by both parties, a deposit (normally a small percentage of the purchase price) is paid by either bank transfer or banker’s draft. At this stage, the parties agree on a date for completion.

COMPLETION

Completion usually follows a few days or weeks after exchange of contracts. The balance of the purchase price is transferred by the buyer’s solicitor to the seller’s solicitor and the keys released – Congratulations! You are now the owner of your new home!

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