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What happens at exchange of contracts?

After the contracts for the sale and purchase have been signed and all the are ready, we telephone the buyers/sellers conveyancing solicitors or property lawyer s and exchange contracts.   This is done using a specific formula under http://www.lawsociety.org.uk/home. law" target="_blank">Law Society Guidelines and all solicitors exchange contracts in the same way.   Once contracts have been exchanged the transaction is legally binding.

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