Definition of exchange contracts in English:

exchange contracts

phrase

British
  • (of a buyer) sign a legal contract with the vendor of a property or piece of land, making the purchase legally binding and enforceable.

    • ‘The letter was sent by me and my involvement was limited to dealing with the formalities required to exchange contracts.’
    • ‘If the survey was successful you will need to agree when to sign and exchange contracts.’
    • ‘In this chapter, we will look at what Barbara (or, more likely, her professional adviser) will have to do, either before or after exchanging contracts, to ensure that it is safe for her to buy the property.’
    • ‘We will then be in a position to instruct our solicitors to exchange contracts on the lease by mid-January.’
    • ‘Life Property has exchanged contracts to purchase a 0.78-acre site, which is to be developed for a 126-cover Pizza Hut restaurant.’
    • ‘‘We were about to sign and exchange contracts when the site was put up for sale,’ he said.’
    • ‘It is not like selling land or exchanging contracts and postponed dates of settlement or anything…’
    • ‘However, the council has already exchanged contracts to sell the land at Vicarage Lane and Garrowby Road and is also considering plans from Persimmon Homes to build 22 detached homes’
    • ‘They then purported to exchange contracts with the winner of that race on behalf of both claimant and defendant.’
    • ‘The developers and contractors are due to exchange contracts this week and the first big task will be the building of access roads for contractors, followed by a massive restructuring of junction 21 of the M62.’
    • ‘This period of uncertainty will last until the solicitors have formally exchanged contracts, at which point everything is cast in stone.’
    • ‘It fell through because our buyers pulled out just when we were ready to exchange contracts.’
    • ‘We are prepared to give you 48 hours notice should, for any reason, we be instructed to exchange contracts for a lesser sum.’
    • ‘As a result of not sorting out this crucial aspect earlier on, the deadline for exchanging contracts was put back so many times that the vendor got nervous and almost pulled out.’
    • ‘I got within two days of exchanging contracts and then the buyer pulled out - as a direct result of Arc Light.’
    • ‘On the Friday before last weekend, bank officials set about trying to identify the counterparties to the foreign exchange contracts.’
    • ‘Can the Council get on with exchanging contracts for the rebuilding of Sweetland Court in accordance with its plans or must it await further approvals from the health professional and the solicitor’
    • ‘Hence, the elongating timeframes; on average it took 32 weeks for a seller to conclude a sale; 10 weeks from when a buyer submitted an offer to exchanging contracts.’
    • ‘Time to think again, and the Association of British Insurers is now advising prospective house buyers to look into the risk of flooding before they exchange contracts.’
    • ‘Could you let me have an answer ASAP as this may be a deal breaker as far as the client is concerned and we are due to exchange contracts by Friday.’