During the course of the conveyancing transaction, a contract is agreed by both buyer’s and seller’s solicitors. Just before exchange of contracts the respective parties, buyer and seller, would sign the contract, but it doesn’t become legally binding until such time as the respective solicitors actually do the exchange. The Exchange process itself takes place by way of a telephone conversation between the two solicitors, and the contracts are physically then exchanged by way of the post the following day. Exchange of contracts is where all parties then become legally bound, and a fixed completion date is agreed.
