What’s the difference between exchange and completion?

Year Published: 2019

Contracts are exchanged once there is an agreement between the seller and buyer to sell/buy the property, all aspects of the transaction have been dealt with and a date for completion has been agreed. Once contracts have been exchanged the transaction is legally binding, meaning both parties must complete on the date agreed; however, there still remain some final formalities to be taken care of on the completion date. Once the formalities are complete, the buyer can move into their new home.

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