Step 9: Exchange of contracts
Updated: Dec 22, 2018
Once the solicitors are satisfied with all the paperwork, mortgage conditions, answers to enquiries and you have agreed with the buyers on a date to complete you will be asked to pay your deposit into the solicitors bank account.
With fraudsters on the increase – make sure you ONLY send any deposit monies to your solicitors bank account and double check the account details before sending any money.
Once all this is place the solicitors will exchange contracts. This means that you and the buyer are legally committed to move on the date that has been set for completion.
It is advisable to get removal quotes and have a firm lined up prior to exchange giving them an indication of a likely completion date. Once exchange of contracts takes place you will need to book the removal company.
Once contracts have exchanged you only have the time from then until the day of completion to pack your belongings and vacate the property.