When buying or selling property exchange of contracts is when you have agreed on a moving date and your solicitor and the other party’s solicitor swap contracts. This is a binding commitment. At this stage, the buyer pays a 10 per cent deposit.
Completion is the day that monies are transferred and you get the keys to your new home! This usually happens a couple of weeks after the exchange of contracts.
For more information on exchange and completion, read our blog.