Business Law

Exchange and Completion

Exchange Exchange of contracts takes place when the Buyer and Seller are ready to make the transaction legally binding and for the sale and purchase to take place on a particular day. Regardless of whether the parties have signed contracts in advance, the contract does not become legally binding until it has been exchanged. As a result, either party can change their mind about any aspect of the transaction or withdraw from the transaction altogether without consequence prior to exchange of contracts. Once the Buyer and Seller have authorised their solicitors to exchange contracts,... Read more