Quick guide about Exchange of Contracts and Completion

What does exchange of contracts mean?

Exchange is the moment where the property changes legally ownership, before this moment, both parties can change their mind.

The Exchange of Contracts is the moment when the seller and the buyer sign contracts prepared by the Solicitor and it is the moment where the Buyer pays a deposit.

During the Exchange of Contracts, we have a transfer of the title deed and a planned completion day.

The Buyer’s Solicitor has in his hands the mortgage offer (if the Buyer will require that) and the deposit funds. At this time, the new ownership is registered with the Land Registry.

The Buyer becomes legally responsible for the property and if he pulls out after exchanging, the Buyer risks to lose his deposit and a legal action from the Seller.

Completion usually happens within 7 and 30 days but it is negotiable with the Seller.

As your trusted Property Finder, WelcHome International will stay behind you during all the process, maintaining all the relationship with the Seller’s Estate Agent and both Solicitors to be sure that you will find all the process smooth and enjoyable.