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Is exchanging contracts and completing the same thing.
Sorry for the stupid question but there is so much to get my head around0 -
No. In order to exchange all legal and financial formalities must be complete. At the point of exchange a completion date is set to which all parties agree. Normally a week later.0
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Thank you so does my lender transfer the money across to my solicitor on day of exchange or day of completion.
Thank You again0 -
Inbetween. Once contracts are exchanged. This is normally the point the solicitor will request drawdown. The solicitor has to have the funds ready on the day of completion.0
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Can we exchange contracts if the vendor isn't in the country or do we have to sign on the same day.
Thank You0 -
The solicitors will hold the signed contracts ready to exchange. Being away may be problematic if unforeseen issues arise.0
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Thank You so much for your help, hopefully tomorrow I will be able to get in touch with my solicitor and sort the signing of the contracts.0
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