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Exchange of Contracts (England & Wales only)
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At this stage of property purchase legally binding contracts are exchanged between the buyer and the seller. After contracts have been exchanged the vendor must sell and the purchaser must buy on the terms agreed.
See also: Moneyextra's Mortgage Centre and Mortgage comparison Service for the latest facts and figures.
Last Updated: September 2007 © Moneyextra.com
Our senior editor Robin Amlôt recommends you should consider taking independent financial advice before acting on any article. Please contact us for help with your individual circumstances if any assistance is required.