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What is ‘exchange of contracts’?

The contract details the terms of the agreement between you and the developer. When your conveyancer is satisfied with the replies to their enquiries and the search results and is in receipt of your mortgage offer (if applicable), you will sign the contract which your conveyancer will hold until both you and the developer are ready. At the point your conveyancer exchanges contracts with the developer, the agreement becomes legally binding on both parties.

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