Exchanging contracts

Exchanging contracts

Exchanging contracts occurs after a solicitor has carried out all necessary searches and there is agreement to the contract terms. Once each party has signed the contracts and they have been exchanged, they are binding.

The contracts will include a completion date, which is the date that the property becomes yours. At exchange of contracts any deposit needed has to be paid, and arrangements for building insurance must be made so that the property is insured from that day. Usually, the present insurer will cover this new property free of increased premium until the completion date.


Wikimedia Foundation. 2010.

Игры ⚽ Поможем сделать НИР

Look at other dictionaries:

  • gazunder — To reduce an offer on a house, flat, etc. , immediately before exchanging contracts, having previously agreed a higher price. In a market in which house prices are falling, the unscrupulous buyer is aware that the seller will be extremely anxious …   Big dictionary of business and management

  • Commodity Futures Modernization Act of 2000 — The Commodity Futures Modernization Act of 2000 (CFMA) is United States federal legislation that officially ensured the deregulation of financial products known as over the counter derivatives. It was signed into law on December 21, 2000 by… …   Wikipedia

  • Timeshare — A timeshare is a form of ownership or right to the use of a property, or the term used to describe such properties. Timeshare properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each… …   Wikipedia

  • baseball — /bays bawl /, n. 1. a game of ball between two nine player teams played usually for nine innings on a field that has as a focal point a diamond shaped infield with a home plate and three other bases, 90 ft. (27 m) apart, forming a circuit that… …   Universalium

  • bank — bank1 /bangk/, n. 1. a long pile or heap; mass: a bank of earth; a bank of clouds. 2. a slope or acclivity. 3. Physical Geog. the slope immediately bordering a stream course along which the water normally runs. 4. a broad elevation of the sea… …   Universalium

  • Economic Affairs — ▪ 2006 Introduction In 2005 rising U.S. deficits, tight monetary policies, and higher oil prices triggered by hurricane damage in the Gulf of Mexico were moderating influences on the world economy and on U.S. stock markets, but some other… …   Universalium

  • Business and Industry Review — ▪ 1999 Introduction Overview        Annual Average Rates of Growth of Manufacturing Output, 1980 97, Table Pattern of Output, 1994 97, Table Index Numbers of Production, Employment, and Productivity in Manufacturing Industries, Table (For Annual… …   Universalium

  • Financialization — Share in GDP of US financial sector since 1860.[1] Financialization is a term sometimes used in discussions of financial capitalism which developed over several decades leading up to the 2007 2010 financial crisis, and in which financial leverage …   Wikipedia

  • Pactio — is a system of magic within the fictional work . The word is based on the Latin word pactiō , the action of making a pactum or agreement . Pactio can also be referred as a provisional contract. Characters in pactio involve a magic user who can… …   Wikipedia

  • Italy — /it l ee/, n. a republic in S Europe, comprising a peninsula S of the Alps, and Sicily, Sardinia, Elba, and other smaller islands: a kingdom 1870 1946. 57,534,088; 116,294 sq. mi. (301,200 sq. km). Cap.: Rome. Italian, Italia. * * * Italy… …   Universalium

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”