Once you are satisfied with the property you are purchasing and you have an unconditional mortgage offer and acceptance, then the time has come to exchange contracts on your purchase. Both you and the seller sign separate but identical documents. We and the seller's Conveyancer/solicitor then exchange these so they end up with your signed contract and we have the seller's signed contract.
On exchange of contracts you will have to pay the agreed deposit. This is often 10% of the agreed price but we might be able to negotiate a lower amount on your behalf. Please advise if necessary.
Between exchange of contracts and completion - when contracts are exchanged, a completion date has to be fixed. This is the day on which the balance of the purchase price is paid together with adjustments for council and water rates and strata levies (if buying a unit), the property is transferred into your name and the move takes place. The date is usually 6 weeks after exchange of contracts. The date has to be acceptable to both you and the seller and must be agreed upon prior to exchange of Contracts. In practice, where a large chain of linked sales and purchases is involved, the completion date tends to be that which is acceptable to the seller, and everyone else in the chain.
In the period between exchange of contracts and completion we will prepare the transfer and any necessary documents, we will obtain local authority searches which contain information on the property to be found in certain registers and databases and liaise with you and the bank or building society to ensure we have the necessary funds for completion of your purchase.
You will be concentrating on practical matters: removal arrangements; asking the Post Office to redirect your mail; writing change of address cards; etc. See our "Checklist" with a reminder of people/organisations to contact.
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