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Exchanging contracts
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Exchanging contracts
When you're buying or selling a home, the exchange of contracts is the moment when the transfer of ownership happens between buyer and seller.
This is the all important legally binding moment, once you have exchanged contracts there is no backing out - make sure you are ready and prepared to go through with the deal before exchanging contracts.
Once you have exchanged contracts, the next step is completion - this can be a couple of days later, two weeks later or even happen on the same day.
Once you have exchanged contracts for a home where you are the buyer - you should make sure you insure the home from this point.
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