Guide: Checks to Make Before Exchanging Contracts
Whether you’re a first-time buyer or moving to another property, during the house buying process, the exchange of contracts is the point where you are legally committed to buying the property that you’ve made an offer on.
Up util the point that contracts have been exchanged, you can withdraw your offer on the property that you’re looking to buy, without any risk of being sued for breach of contract. However, similarly the seller of the same property can decide to withdraw their acceptance of your offer, or to withdraw the property from the market altogether.
This all makes the exchange of contracts a critical stage of the house buying process. Making sure that you have every consideration reviewed and every worry quashed at this point is really important to ensure both a smooth completion – and most importantly, a happy home once you’ve completed!
“A buyer’s guide: checks to make before exchanging contracts” covers:
In our guide of things for buyers to check before the exchange of contracts, we share some of our best tips to make sure that you aren’t left haggling or arguing at the end of the house purchase process, including:
- The house buying gazumping rush
- Being tied to a property
- Reviewing property surveys
- Where properties need fixing
- Satisfactory responses to enquiries
- What you expect to find in the property once you move in
More information about searches when buying a house:
For details of the following, take a look at our ‘Everything house buyers need to know about property searches‘ article, which covers:
- Which property searches you need
- Local authority searches
- Environmental searches
- Water and drainage searches
- Energy and infrastructure searches
- Mining searches
- Chancel repair liability searches
- Land registry searches
Specialist legal advice about property searches
To speak to an expert in buying and selling residential properties today, call our residential conveyancing teams based at each of our offices across Leicestershire, using the telephone numbers below: