The main difference between exchange and completion is that the 'exchange' is an exchange of contracts, which makes the matter legally binding between the buyer and seller, whereas 'completion' is the date the parties physically move and transfer legal ownership of the property.
How long does it take from exchange to completion?
The length of time between exchange and completion is whatever all the parties involved agree to, but it's usually one or two weeks. That gives everyone time to organise themselves for completion: Buyers and sellers can confirm removals and start packing.
What do you do between exchange and completion?
Advice for the exchange of contracts and completion
- Maintain a good relationship with the seller.
- Ensure you understand everything in the contract.
- Keep open, clear communication with your solicitor.
- Make sure your solicitor is organised and keeping on top of things.
- Find out as much as you can about others in the chain.
