What does exchange contracts mean when buying a house?
Your step-by-step guide to buying a house
Our eight-step home buyer’s journey is designed to guide you through the process and answer some of the questions you may have. You can also email us with any questions or call us free of charge on 0800 169 9661.
We continue our eight-step journey with everything you need to know about exchanging contracts and finally completing on your purchase.
Step seven: Exchanging contracts
Only when your solicitor is satisfied that everything is in place (such as legal checks and mortgage funds) does the ‘Exchange of Contracts’ take place. This is a legally binding process, committing both parties to the deal.
Step eight: Completing!
‘Completion’ takes place when your solicitor is in a position to pay the previous lender (if applicable) and the seller. It’s at this point that you become the legal owner of your property and finally receive the keys. Congratulations! Enjoy your new property.