Exchange Agreement Form
Description
How to fill out Exchange Agreement For Real Estate?
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FAQ
The standard conditions provide that if the buyer fails to complete after a notice to complete has been served, the seller may rescind the contract, and, if the seller does so, it may forfeit and keep the deposit and accrued interest.
The buyer and seller have agreed which fixtures and fittings will be included in the sale. The buyer has organised a buildings insurance policy to begin on the day of exchange. The buyer and seller have agreed a completion date for the sale. Both buyer and seller have read, understood, and signed the contracts.
While it's entirely dependent on the size of the chain, you can expect to exchange between seven to 28 days before your completion date. Usually, this happens around midday on a weekday. On rare occasions, you may exchange contracts on a house and complete on the same day.
A 10% deposit is due to the seller when contracts are exchanged. The seller needs to continue making mortgage payments until the completion day, and the existing mortgage or loan can't be transferred to a new property.