GLOSSARY
EXCHANGE
Exchange of contracts is a critical turning point in a conveyancing transaction.
This is when the legal representatives for both the buyer and the seller exchange the signed contracts over telephone and the transaction then becomes legally binding.
Both parties are now legally bound to complete the transaction, meaning the buyer must purchase and the seller must sell, or face severe penalties for defaulting.
The date for completion is also set when contracts are exchanged and this date could be on the same day or a week, month or even a year later.
❕Both parties become legally bound upon exchange.
❕Exchanged contracts cannot be reversed and both parties must proceed with the transaction.
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