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What happens when you exchange contracts when buying a house?

Benjamin Gonzalez | 2023-06-05 06:09:00 | page views：1196
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Zoe Wilson

Studied at the University of California, Los Angeles, Lives in Los Angeles, CA, USA.
Both buyer and seller sign identical contracts, but only when they are formally exchanged by the solicitors does the deal become legally binding. Between exchanging contracts and completion, either side will almost certainly pay major penalties if they pull out.
2023-06-09 06:09:00
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Sophia Wright

QuesHub.com delivers expert answers and knowledge to you.
Both buyer and seller sign identical contracts, but only when they are formally exchanged by the solicitors does the deal become legally binding. Between exchanging contracts and completion, either side will almost certainly pay major penalties if they pull out.
How Do I Exchange Contracts? - HomeOwners Alliance
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