What do you do when you exchange contracts?
After the contracts have been signed and all the parties are ready, we telephone the buyers/sellers solicitors and exchange contracts. This is done using a specific Formula under Law Society Guidelines and all solicitors exchange contracts in the same way. Once contracts have been exchanged the transaction is legally binding.
Do I need to attend the office when I exchange contracts?
No. Although we obviously have to seek your consent before exchanging, we do not need you to attend the office for exchange of contracts or on completion day.
What is the affect of exchanging contracts?
Exchanging contracts means that the transaction is legally binding for both parties. This means that if you back out of the contract at this stage you could be sued by the other party.