Exchange of Contracts Explained
The exchange of contracts is a key milestone in the process of purchasing a property.
This is the stage at which the solicitors for the buyer and the seller of the property swap contracts.
Once this swap has taken place, the legal significance is that both of the parties are legally bound to the transaction and therefore can no longer pull out.
Property Articles
We hope you find this mortgage glossary / explanation of mortgage terms useful. You might also be interested in our articles on a range of property related issues, a selection of which are listed below:- Letting a Property
- Non marketed properties and HIPs
- Remortgaging
- Sourcing a Good Letting Agent
- Spain and Utility Services
- Mortgage Comparison Tables Explained
- Green Mortgages
- Buying Old Property
- Mortgage Fees
- Looking after a let property
- What to do at auction
- Tips and hints on buying abroad
- Loan To Value
- Best Buy Mortgage Tables
- Finding A Property
