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"Releasing contract" - what does this mean?

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hobbeskat
hobbeskat Posts: 63 Forumite
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in House buying, renting & selling
Yesterday my solicitor released the contract. We have signed, all queries satisfied, the vendors have signed there. Completion is set for 28 September. Are we near exchange? It's just us and the vendors - we're renting and the house was a let so no chain. I'm in NI if it makes a difference.

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  • SmashedAvacado
    SmashedAvacado Posts: 1,262 Forumite
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    yes. it means your solicitor is ready when the counterparty is ready - this phrase is used in a chain to allow an exchange up the chain to happen in the knowledge that yours will happen.
  • hobbeskat
    hobbeskat Posts: 63 Forumite
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    But there is no exchange up, or down, which is why I'm so confused!
  • macman
    macman Posts: 53,098 Forumite
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    It's not houses you are exchanging, but contracts. One for the vendor, one for the buyer...
    No free lunch, and no free laptop ;)
  • Christinat
    Christinat Posts: 7 Forumite
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    My solicitor released the contract for the 4th time in the last week today... we're in a chain of 6 and it basically means that the contract was released up to the next person. I understand that the release has to go all the way to the top then back down to the bottom before it is confirmed as exchanged.

    Ours keeps getting near the top and there being an issue so time runs out meaning that we havent exchanged.
  • hobbeskat
    hobbeskat Posts: 63 Forumite
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    But if its just us and the vendor then releasing the contracts is exchanging? The vendor said they had signed. There is no chain, my solicitor isn't responding to me and I have no idea what's happening.
  • G_M
    G_M Posts: 51,977 Forumite
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    The vendor signing means nothing. May have signed 6 weeks ago and it's been sitting in their solicitor's file, waiting....


    So your solicitor has released the contract to the buyer's solicitor and is waiting for the buyer's solicitor to call back and confirm Exchange.


    If there is some last-minute issue, or the buyer's deposit not yet with their solicitor, the buyer's solicitor cannot confirm Exchange till it's esolved.


    Be patient. Nothing you can do so.... pour yourself a glass of wine, turn on your favourite soap and forget the property for tonight.
  • hobbeskat
    hobbeskat Posts: 63 Forumite
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    I am the buyer...
  • G_M
    G_M Posts: 51,977 Forumite
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    hobbeskat wrote: »
    I am the buyer...
    same principle same advice
  • PassingOutInTheParade
    PassingOutInTheParade Posts: 94 Forumite
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    hobbeskat wrote: »
    But there is no exchange up, or down, which is why I'm so confused!

    Any news yet hobbeskat?
  • martindow
    martindow Posts: 10,218 Forumite
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    This is where the estate agent should be doing some work to keep things moving. They only get paid when the sale goes through.
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