Conveyancing – Exchange and Completion

Exchange and Completion – What Does It Mean?

When buying a property, buyers and sellers are sometimes overwhelmed with legal jargon.  Words like exchange and completion are not necessary self-explanatory.  But what exactly do these words mean?

These words represent a different stage in the process of buying and selling property.  Whilst ‘exchange’ means the exchange of contracts, ‘completion’ means the conclusion of all obligations.

‘Exchange’ – The Exchange of Contracts

Essentially, law governs the sale and purchase of property in the UK.  Rules differ from country to country.  England, Scotland and Wales as well as Northern Ireland have variations in the rules of property purchase.

The exchange of contracts sets out the purchase and deposit price.  It also sets out the obligations bestowed on both parties before completion.  These contracts legally bind the purchaser and buyer.  The deposit payment seals this part of the deal and is non-refundable, should the purchaser breach the contract requirement.

‘Completion’ – Conclusion of  All Obligations

Completion signifies the conclusion of all obligations set out in the contracts.  When the buyer and purchaser comply with the terms of exchange, they transfer funds to the relevant parties.  Ownership will then be transferred to the buyer. This means that the previous owners will no longer have any entitlement to the property.

At DG Law we pride ourselves in offering a personable service and an approachable attitude with our clients.  We’re here to assist you in understanding the legal aspects of property purchase.  Also, we’re always happy to explain the legal jargon.  If you are thinking of buying or selling property, please give us a call for an informal discussion.  SG

Make An Enquiry

Call us now on 020 7113 4003 or complete our Online Enquiry and we will be delighted to talk with you about your legal matter.

Free Enquiry

Back to all news

Share Article With:

Make An Enquiry

Global Excellance Awards

Client Reviews

DG Law were fantastic throughout our purchase process. We had a short, fixed, timeline to

Venetia Lawson-Cruttenden [solicitor] is fantastic!  She is always so thorough and efficient and gives you the

DG Law supported us through a very difficult contractual negotiation to achieve exactly the outcome

We were very pleased with the way that DG Law helped us on our transaction

Thanks for all the help from DG Law in pulling together our somewhat complicated loan. 

DG Law resolved a difficult lease renewal for us and their services were excellent –

I needed understanding and experienced legal advice. DG Law provided an excellent service at a

My experience was second to none – the service was professional and personal. DG Law

DG Law always step up to the plate on our transactions and handle the various

DG Law was recommended to me and my partner and I received excellent advice –

Having worked with DG Law a number/couple of times now, I have been really impressed

DG Law were constantly at hand, and kept pro-active throughout the thorny process of getting

DG Law organised and ran a very useful session to help to make our team’s

DG Law came recommended to me and whilst setting up a new business it was

We were recommended three lawyers to handle the sale of our seven year old successful

Why Choose Us?

We live by our core values of transparency, flexibility and being honourable – every day

We put ourselves in your shoes so we understand your problems from the inside out

We deliver our advice in a way that is easy to understand