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Exchange of Contracts

  • The point at which a buyer and seller are legally bound to complete a property purchase or be subject to paying compensation.
  • A similar exchange between landlord and tenant is also binding.
  • Prior to this point all dealings as said to be 'Subject to Contract' i.e any pre-contract dialogue is not yet binding.
Published: 5 November 2013 Last Updated: 17 November 2021