3. Exchange of Contracts

When the form of the sale contract has been agreed between solicitors, your legal advisor will ask you to sign your copy of the contract. Just because you have signed your contract, it doesn’t mean you have sold your house - the agreement is only binding once the contracts have been exchanged.

Immediately prior to exchange the completion date is agreed with all parties in the chain. There is no set period between exchange and completion. Completion can even be arranged a year in advance if appropriate! It may also be possible to agree a simultaneous exchange and completion date. However, this date depends upon the availability of all parties in the chain to physically move out of their existing house and into their new home.

Once exchange of contracts has been effected you are in a legally binding contract to sell your property.

4. Preparing for Completion

You’ll need to arrange a removal firm to empty your house, and inform the relevant utility and other companies that you are moving.

Your solicitor will arrange for your mortgage to be paid off and settle your estate agents commission account (if applicable). In addition you will be asked to sign one final document by your solicitor called the Transfer Deed. This document will be utilised by the Buyer’s solicitors to register their clients interest in the property at HM Land Registry following completion. Rest assured your solicitor will not release this document without first having received the full balance of the sale proceeds.

5. Completion Day

The sale will be completed once the purchase funds have been received from the Buyer’s solicitors. Everything from the house must be removed, except for any fixtures and fittings that you have agreed to sell to the buyer or will be including in the sale price.

You will need to leave the keys to the property with your estate agent, unless you have agreed differently with the buyer. Once this has been done you have successfully sold your house.

Selling your home can be made much easier when you know what is going to happen next. Now you know what to expect of you, you can continue to look for your dream home.

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