Understanding property contracts when selling...
When it comes to selling your property, one of the biggest things you’ll have to consider is the contract. Understanding it is key in the selling process.Agency agreementWhen choosing your agent,...
The exchange of contracts refers to the moment when both the buyer and the seller swap and sign their respective contracts.
The exchange of contracts refers to the moment when both the buyer and the seller swap and sign their respective contracts. This marks a crucial step in the transaction process, creating a legally binding agreement between the parties. Once the exchange occurs, both the buyer and seller are committed to completing the sale, and specific terms and conditions outlined in the contracts become enforceable.
Yes, it's possible to pull out of the contract even after the exchange. Buyers of residential property often have a cooling-off period, typically lasting five working days, after the exchange of contracts.
This period allows buyers the flexibility to withdraw from the sale without facing significant consequences. During the cooling-off period, buyers may reconsider their decision, assess the property further, or address any concerns that may have arisen after the contract exchange.
The exchange of contracts occurs near the end of the property-buying process, after the buyer's offer is accepted, surveys and inspections are completed, mortgage approval is secured, and legal checks are finalised.
At this point, both parties agree on the terms, making the sale legally binding. The exchange of contracts typically happens just before the final step, which is the completion date when ownership is officially transferred.
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