What happens at exchange of contracts?
08th May 2014

At exchange of contracts the buyers solicitors calls the sellers solicitors and in the majority of situations exchange by way of Law Society formula B. What this means is that the buyers solicitors calls the sellers solicitors to confirm that they hold their clients signed part of the contract and a full 10% deposit and if the sellers solicitor agrees to exchange with them and date the contract, then they both exchange, and the buyers solicitor undertakes to put in the post, first class the contract and solicitors account cheque for the 10% deposit.

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