Once all enquiries have been answered and a formal mortgage offer received by the buyer's solicitor, exchange of contracts can take place. This step involves your purchaser paying a deposit usually 10% of the purchase price. Upon receipt of a contract signed by both parties, this deposit will be telegraphically transferred to the seller's solicitor. This is a real milestone in your property sale as it's when the sale becomes legally binding and a completion date is agreed and set at this point. .
