There are a couple of the latter steps in the process of buying a property are legally binding; these are the exchange of contracts and the completion.
Exchange of Contracts
When the below steps in the conveyancing process are complete, a final contract will be made between the buyer and seller of a house.
- The appropriate surveyor’s reports have been received (if necessary)
- There has been receipt of the formal mortgage offer
- Both yourself and your conveyancing solicitors are happy with the results of all of your enquiries
- All necessary preparations for payment of the 10% deposit are complete
- A date has been made for the completion
The buyer and seller of the house must sign a copy of the final contract. After contracts have been exchanged, you may lose your deposit on the new house if you do not go through with the sale.
Completion
Completion (of the sale of the house) usually takes place around a month after the exchange of contracts, but it can be earlier or later than this date.
What happens during the completion?
- The seller has a previously agreed time in which they must leave the house and give you the keys
- The mortgage lender makes the mortgage funds available
- Your conveyancing solicitor receives the deeds
For legal advice you can trust and for a free quotation, call our team of specialists property solicitors on[ 01980] 622992, [01264] 364433 or [01722] 422300 today.