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.

#TheGuild #ChooseAGuildAgent #ProudGuildMember #SafeAsHouses @GuildProperty

Get in touch with us

First Name

Last Name

Your Email Address

Mobile Phone

Are you looking to

Buy

Sell

Rent

Let

Please enter message here

Please confirm that it is okay for us to contact you about this information as well as our products and services. By confirming, you also agree to the use of cookies to enhance your experience. (You will always have the right to unsubscribe or manage your cookie preferences at any point in the future.)

Confirm

A Summer Check-In for Landlords

Rental growth has eased, but tenants are still searching carefully and landlords need to stay on top of pricing, compliance and property standards as the summer moving season continues.

CLICK HERE >

Why Attleborough’s child free couples matter to the local property market

One of the biggest influences on Attleborough's future property market may not be first-time buyers or growing families, but child free couples. As their lifestyles and housing needs evolve, this often overlooked group could play a significant role in shaping future demand, supply and local moving patterns.

CLICK HERE >

What the July Property Market Numbers Mean for Attleborough Homeowners

National headlines can paint a confusing picture of the property market, but the latest July figures reveal a more balanced story. While sales have eased compared with last year, activity remains well ahead of 2023. So what does this mean for Attleborough homeowners thinking of moving in today's more selective market?

CLICK HERE >

The Property Market Everyone Talks Down… Keeps Quietly Delivering

Despite the headlines, the property market is proving far more resilient than many expect. Sales are continuing, buyers remain active, and well-priced homes are still attracting strong interest. The difference today is that success depends on strategy, with realistic pricing now more important than ever.

CLICK HERE >