Exchange vs Completion – what’s the Difference?

These two stages are often confused during a property transaction, but they mark very different points in the conveyancing process.

Exchange of contracts

This is when both parties formally exchange signed contracts. At this point the agreement becomes legally binding and a completion date is agreed.

Completion

Completion is when the purchase funds are transferred, legal ownership changes hands and the keys are released.

Understanding the difference helps both buyers and sellers know when the transaction becomes legally binding and when the property officially changes hands.

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