The exchange of contracts is a legally binding process. It takes place after both the buyer and the seller have agreed on the sale contract. But the entire process is managed by your Solicitor, and they will take control of every step.
It involves each party signing a copy of the contract of sale. You will then swap these signed contracts, making the transaction legally enforceable.
Setting a Completion Date:
When exchanging contracts, a completion date is agreed upon. This is the day when the property transfers from the seller to the buyer. On the completion date, the remaining balance of the purchase price is transferred. The keys to the property will be passed over to the buyer.