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When buying a property, there are two stages that are especially important in the process but can be easily mistaken for their meaning. The sale and purchase of land must always be completed in writing and so it is important to understand the terms used in conveyancing. The following is a basic description of the difference between the terms ‘exchange’ and ‘completion’.

 * The term ‘exchange’ refers to the exchange of contracts between the seller and buyer. This is when the agreed terms of the contract become legally binding between both parties. From this point, neither party can guarantee to pull out of the contract without loss.
 * Completion refers to the date at which the terms must be fulfilled by both parties. This includes the seller ensuring that they have vacated the property, and the buyer must transfer the full money for the purchase.

There is a three-stage process for conveyancing [https://www.localsolicitors.com/conveyancing-and-property] in England and Wales, which includes pre-exchange, post-exchange and post-completion. These stages offer protection and structure for the selling and purchasing process. In the pre-exchange stage, either party is able to pull out of the sale at any time. It is not until the exchange that the buyer and seller are legally obliged to honour the terms.

What is the difference between exchange and completion?

Good morning,

We would require to check the deeds to your property to be able to answer this question. Please do not hesitate to contact us on 0121 746 3002.

Kind regrads

Marta Konieczna

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