Exchange (of contracts)

Takes place at the conclusion of the of the process of property purchase, usually within 1-2 weeks prior to completion. Once the conveyancing process has been completed and the commercial mortgage offer has been accepted, the agreed deposit is taken up and a date is set for final completion. After the legal exchange of contracts has taken place, it becomes legally binding that the purchase is concluded. Withdrawal from the process at this stage could lead to being sued and court action may follow.