Compare quotes from conveyancing solicitors servicing Par

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What happens during the ‘Exchange of Contracts’ ?

Exchange of contracts (EoC) is the point of the legal process where a binding obligation on both parties is created - for the Seller to sell and the Buyer to buy the property.

At any time up until the EoC point, either party could withdraw from the process without any penalty other than monies they have spent on surveys, mortgage application fees and similar costs....

At EoC  stage a completion date is normally mutually agreed when the transfer can and will be finalised.

On the day of completion the monies are transferred between the parties and, the keys to the purchased property are handed over to the buyer.

The Conveyancing aspect of Selling property

The seller's conveyancer will request a copy of the land registry entry for the property being sold. (referred to as office copies in bill of fees).

A contract for sale will be prepared next. The contract will include the land registry property site plan and registration details.

The contract and attachments will then be forwarded to the buyers solicitor.