What is exchange and completion?
This part is mainly down to the solicitors, but it is good to understand what is going on for yourself. Whether you are a first time buyer or just haven't done this for a long time.
Exchange
- Exchange means the exchange of contracts.
- The contract is essentially when your solicitor or conveyancer puts the transaction in writing. It will include:
- o Buyer details
- o Seller details
- o Completion date
- o The price the property was sold for
- o What is included in the price,
- Once the contract is signed and exchanged you and your buyer are legally bound to complete the sale.
Completion
One of the terms in the contract is the completion date, which is when ownership of the property is transferred from the seller to the buyer.
On the day of completion, both parties have to fulfil the terms of the contract. The seller must vacate the property and execute a deed of transferring ownership.
You must leave all the items agreed, and make sure you leave your property in a good condition.
The buyer will pick up the keys from your estate agent so they can then move in.
The time span between the two are not always the same and can vary based on circumstances however, you typically exchange 7- 28 days before completion.
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