Exchange & completion

kprice580

Can someone explain the process of both please

I thought (blonde moment happening ) that you put an offer in, its accepted...6-10 weeks later you move in IF everything goes to plan...!!!

I've been reading through the forum and seen peeps write about exchange & completion dont you just sign for it and its done?

I know about the process of having surveys and searches an such, but this bit confuses me

Thanks for reading Katy x

maninthestreet

Neither the buyer nor the vendor are under any contractual obligation whatsoever until exchange of contracts has occurred. At completion, the buyer hands over the cash to buy the property to the vendor, via their respective solicitors, and the property changes hands.

kprice580

Thanks maninthestreet

I now understand :T

G_M

To expand that a bit, at 'Exchange', you agree the terms of the contract (price, contents if any etc) and the date at which the purchase will take place. From 'Exchange' onwards, both sides are contractually committed.

'Completion' (which can be the same day, a few days later, or more usually several weeks later), is the date at which money and ownership change hands (as previously agreed at Exchange of contracts.

More details here.