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We are buying a property and also selling ours and we are nearing the signing of contracts. Am i correct in thinking that we would sign both contracts i.e one for the purchase and one for the sale, at the same time ? and contracts also will be exchanged at the same time ? - with my theory being that our purchase obviously cannot happen without the sale of our house. Any advice greatly appreciated
It is the norm for exchange of contracts on your sale and purchase to happen simultaniously. You wouldn't necessarily sign them both on the same day but nothing is legally binding until the moment you exchange contracts. A quick call to your solicitor should put your mind at rest.
Yes both sale and purchase Contracts can be signed at the same time. Your Solicitor/Conveyancer will hold the Contracts on file until he/she is ready to exchange, i.e. everyone in the chain has agreed a definite completion date and only at that stage will he/she be able to exchange, thus making the transaction binding upon all parties.
