Greater London Properties answers your question ‘When do I sign the contract when exchanging properties?’
When do I sign the contract when exchanging properties? You sign the contract during the exchange process, after all the terms have been agreed on. This is managed by solicitors and conveyancers acting on behalf of the buyer and seller. The contract will explain who the buyer and seller are and how much the property is being sold for. Once the terms have been agreed on, the contracts will be exchanged. The completion date will also be provided.
The new owner (the buyer) will be added to Land registry. At this point, the buyer must put down a deposit which is usually 10% of the property price at which stage it is then very hard to pull out without any major costs. It can take between 7 to 28 days to exchange contracts properly so the buyer is not vulnerable.
On the completion date, you will be able to pick up the keys from the estate agents or landlord. You will also have to pay stamp duty. To find out more about stamp duty click here.
We hope this answers your question ‘When do I sign the contract when exchanging?’. If you are looking to buy a property in Central London, please visit Greater London Properties, Central London’s largest independent estate agent or call us on 0207 113 1066.