Exchange of Contracts
- This refers to the time which the parties enter into a legally binding contract for the sale of a property. Once this agreement has been signed, a legally binding contract is in existence and the purchase must be completed within a specific period of time. The purchaser and vendor should therefore take this step only when advised to do so by their solicitor or Licensed conveyancer.
The purchaser is responsible for insuring the property from the point of exchange of contracts.
