AS I stated in my Last Post. The Period up to Exchange can sometimes be a little Stressful. ‘I cant believe they are asking that’ and ‘Why are they asking that Now, they’ve had weeks to sort it’ These are all good examples of some of the Remarks I hear just prior to Exchange.
The thing is, all these minor points are just the Finer Details being ‘ironed out’ by the Legal Teams. Once these details have been finalised, them Exchange of Contracts can be made. The Process it self is a bit of an Anticlimax. The Buyers solicitor will call the Vendors Solicitor and they will declare that they are happy to Exchange. They will then read out the Contract to each other, which is recorded to ensure they are identical, before simultaneously posting to one another. The Sale is then legally Binding. Thats it, there’s No Backing out now ! Well thats not entirely true. It is possible to withdraw, however it will cost either party dearly if they do.
The complication in all this is the Chain you are in. If you are in a chain, your solicitor will do the same thing, but will only release it if all the other people in the chain are happy to go ahead. This means if one person pulls out or delays, everything gets held up. The longer the chain, the trickier it becomes to ensure everyone is happy and ready to go. Its Like herding Cats!
They will have already agreed a completion Date that takes into Account All Factors including Availability of Funds and the wishes of their Respective Clients. Completion can be straightaway. However, it usually takes place a few days afterwards, mainly for the Funds to be requested from any Mortgage Lendor.
Once Completion Day come around, The Buyers solicitor will send Funds Electronically to the Account of Vendors Solicitors. The Vendor will check to ensure they are received. At that point they will advise the Agent that funds have been received and that Keys can be released to the Buyer.
Sounds easy, but again if the chain is long, it can take a few hours for monies to travel along the Chain. If you are at the End of a long chain. Be prepared for a Late night!