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| Exchange of Contracts / Completion |
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Exchange of Contracts
When contracts are exchanged, and before completion, the buyer may wish to visit the house, for example, to measure up for carpets or to get an estimate for building work. However, you should not allow any work to be done by the buyer before completion.
You should inform the fuel companies and phone company that you are leaving and ask for final readings to be made of the meters on completion day. You should also inform the person at the council responsible for council tax, or in Northern Ireland, the Rate Collection Agency responsible for rates collection.
If the buyer is paying a deposit, this will be paid to your solicitor at exchange of contracts. The solicitor will hold this deposit until completion.
Completion
You must arrange to leave the house empty by completion day and to hand over all the keys.
Your solicitor will receive the rest of the purchase price from the buyer and will pass this, together with the deposit, to you.
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