Woolliscrofts Solicitors
Property Department- Frequently Asked Questions
(6) What is 'exchange of contracts'?
Exchange of contracts means the transactions has now become binding. The buyer pays a deposit, usually of 10% of the price, but it can be less if the buyer is obtaining a mortgage of more than 90% of the price. On exchange of contract the completion date (moving date) is confirmed and cannot be altered. Contracts are exchanged between solicitors, on the telephone. You do not need to be present for us to exchange contracts.
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