Exchanging Contracts For Home Ownership

So, after the whole drama of frightfully watching my Property Chain Break because The Drainage And Water Search Taking Ages to complete, I finally received the news I was waiting for.

I’ve been notified by my solicitor that the final drainage search results finally came through after four weeks of arse-scratching and finger sniffing (yes, in that order). It really shouldn’t have taken that long. Anyways, I’m not going to continue that rant any further, even though I quite easily could.

For a double helping of good news, it appears that my solicitor has learned a new trick called, “calling thou client”- something he has been struggling with since the beginning of time. Check it, he actually CALLED ME this time. Brilliant. I should probably toss him a banana for his advancement.

The vendor’s solicitor’s responded to all the queries my solicitor raised, and he was pleased with the responses. All my solicitor needs now is a copy of my landlord building insurance schedule and my deposit.

I transferred my deposit, faxed my Building Insurance Schedule over and paid my solicitor fee. So, we exchanged contracts.

What is “Exchange of Contracts”?

The exchange of contracts is the all important moment when the transfer of title/ownership happens.

This is the stage where the buyer and seller sign final copies of the contract and send them to each other. Once contracts are exchanged, the agreement to sell and buy is legally binding and usually neither party can pull out without paying compensation. Buyers will usually pay the seller a deposit (usually 10 per cent of the purchase price of the property) at the exchange of contracts stage. So if you have ANY doubts at all, the best time to pull out is before the exchange of contracts.

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