Solicitors & Lawyers
Legal Meanings
Term: exchange of contracts
1.
The stage at which the transaction between the seller and the buyer becomes legally binding on both parties. At the point of exchange of contracts a completion date must be agreed if it has not been agreed already. The completion date will be written into the contract.
Usage: A buyer exchanged contracts with the seller on the purchase of a house.
Related Words: property; land; contract; completion.
Valuations – Disputed Valuations of Commercial Property
Leases – Briefing Note - Invoking a Rent Review on a Commercial or Residential Tenancy
Leases – In Brief - July 2005
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