The exchange of contracts is when both parties swap and sign the contracts. This is the point where you as the buyer will be asked to put down your deposit. This is a crucial stage of buying a home and is legally binding. If you pull out after exchanging, you will lose your deposit and legal proceeding could be issued. Completion is when both parties hand over the keys to the property and you can move into the property. For more information on purchasing and selling a property please contact one of our conveyancing experts on 0121 686 9444 or 01543 386 982.