Contracts are usually exchanged by a formal telephone call between the Sellers and Buyers Conveyancer. The details of the contract such as price and completion date will be recorded together with any deposit that is to be paid. The parties confirm that the contract is legally binding at a specific time and date and the actual signed contracts will follow in the post. We would always check with you first before a formal contract is entered into to make sure nothing has changed.
Exchange of Contracts
The formal exchange of contracts that is done by telephone only take a few minutes but the process from agreeing a sale of a property to exchange of contracts can take a few weeks. There are lots of things that need to fall into place before a buyer or seller can exchange contracts. Some transactions can exchange in as quickly as 4 weeks and others may take longer. We would make sure that we are working hard to try to achieve any timescales you have for exchange of contracts and completion and keep you updated every step of the way.
Often buyers and sellers will agree a deal and set timescales for exchange of contracts, usually for 28 days. It is possible to exchange contracts within 28 days, but this does need all parties and their Conveyancers to be aware of the date and to work hard to make sure that there are no delays. Unfortunately, sometimes there may be reasons why you could not exchange within a deadline that has been agreed. Here at Lets Move Conveyancing we would do our very best to achieve any deadline set and to keep you up to date as to anything that we think may slow things down and what we can do to try and avoid delays.