Exchange of Contracts VS Completion of Property Purchase

Exchange of contracts marks the point at which both parties are legally bound to complete the property purchase transaction as the contract has been signed and usually a deposit is paid.

 

Completion signifies that the sales process is complete and ownership of the property and responsibility for that property has been transferred from the seller to you, this is after the final purchase funds have been sent via the solicitors, either by you or your mortgage lender.