Stage 1 - Before the exchange of contracts

The contract is the legally binding document that commits all parties to the deal. Until contracts are exchanged, both the buyer and the vendor can walk away without any contractual liability.

What happens?

• The contract is received and negotiated
• Enquiries are made and any outstanding issues with the vendor are settled such as obligations for the completion of work on the property
• The survey or valuation report is completed and accepted by the buyer and the lender
• The formal mortgage offer is received (if applicable)

Stage 2 - Exchange of contracts

When both solicitors are satisfied that their work on the contract is complete, they will ask their respective clients to sign the document and send a copy to the other solicitor for signature by the other party involved in the sale, this is called the 'Exchange of Contracts'.

What happens?

• A completion date for the sale is agreed which is included in the contract
• The contract is signed
• The deposit is paid
• Final accounts are prepared
• The mortgage deed is signed (if applicable)
• Final searches are made.

Stage 3 - Completion

The completion date may be anything from the same day as the exchange to several months later, depending on the circumstances of the sale.

What happens?

• Stamp duty is paid
• The transfer of ownership is registered at the land registry
• New title deeds are received
• Keys to the property are handed over

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