When contracts exchange, both parties are legally committed. The buyer typically pays a 10% deposit at exchange. Completion follows, usually 1–28 days later for completed property, months or years later for off-plan.
Legal term
Exchange
The legally binding stage of a property transaction.
Related legal terms
More from this category
AML
Rules requiring professionals to verify identity and source of funds.
Completion
The day ownership transfers and keys hand over.
EPC
Required energy rating of a property for sale or let.
MEES
The minimum EPC rating for rental properties.
Tenancy Deposit Scheme
Government-backed schemes that hold tenant deposits.
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