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Contracts Exchanged
Subject to all formalities being completed, the purchaser and seller sign the contract. The deposit, normally 10% of the purchase price, is forwarded to the vendor's solicitors, and then contracts will be formally exchanged. At this stage, the transaction becomes binding for both the seller and purchaser.
The completion date will be agreed between both parties before contracts are exchanged - completion itself will be about two to four weeks after the exchange.
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