Is this contract exchange?

hounsehunterftb

Hey guys..!!

Apologies for creating a separate post for this.

Just received an email from our solicitors stating that even though we are waiting for the planning consent, she has drafted a contract report which she has sent us in the post. IT contains documents for us to sign and return thus stating our readiness for exchange. She also mentioned she would be emailing the planning consent as she gets it.

Does this mean what they say "exchange" of contract? If so what about the vendor? When do we pay the deposit. Also my solicitor has not asked me anything our the completion date. So I am confused slightly.

If she wants us to sign the document stating our readiness to exchange, are we exchanging?

Sorry if its too obvious. I just want it to make sense. Slightly confused right.

Thanks

Regards,
hounsehunterftb

lika_86

No, it's a report on title for you to read before you consent to exchange. It will detail anything about the property that you particularly need to be aware of along with all the relevant documents, including the contract for you to sign. You will then need to put your solicitor in funds. Your solicitor will not exchange without your express consent and presumably this planning issue needs to be sorted before then.

Cakeguts

No you sign the contracts ready for exchange but actual exchange could be months away yet.

alex_163163

As others have said above. You sign the docs and send them back to your solicitor. They hold on to them until everything is in place and ready to exchange. They will contact you again once everything is in place and ask for authority to exchange from you.