Exchanging Contracts
If you are happy with the mortgage offer and definitely want to proceed with the purchase of your home, the solicitor will have a draft contract for you to read and sign. The vendors' solicitor prepares it and the vendor has to sign it too.
This is the point of no return. Once you and the vendor have signed and exchanged this document, you are legally bound to buy the property and the vendor is legally bound to sell it to you. You MUST make sure that you are happy with what you are about to sign and that you are prepared to commit yourself to not only the purchase, but also the mortgage that goes with it.
It is at this time that you pay your deposit and you MUST make sure that your buildings and life insurance is in place.
Now all parties for completion will agree a date. You should make sure that you have any removal firm required booked.
Also, ensure that the estate agent has asked the vendor to read the utility meters on the day they move out and that your local council knows you are moving in.
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