Exchange of Contracts and Completion
- When to Exchange:
- Both parties are satisfied with the contract and searches
- Any required planning permission is granted
- The surveyor or solicitor has completed all checks
- The buyer has secured the funds to complete the transaction
- Before Exchange: You can sell to another party unless a lockout agreement is in place. In Scotland, the process differs—no lockout agreement is needed, and either party can withdraw without penalty until the contract is concluded.
- Completion: Typically happens a month after the exchange, but this can be adjusted in the HOTS. The sale is finalized once the balance is paid.
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Disclaimer
The Content above is for guidance purpose only. While we make every effort to keep the information current and correct, we do not make representations of any kind. Professional advice should be sought, before entering into any legal contract and purchasing a property.