Exchanging the sale contract

In Chapter 11 , we explored the key provisions contained in a sale contract. This chapter focuses on the process and effect of the parties exchanging that contract. The chapter begins by examining the effect of exchanging contracts and some practical steps which necessarily must be completed before the parties consider exchanging contracts. Next, it explores the different methods of exchanging contracts and their associated requirements, followed by the steps that must be taken by solicitors immediately after contracts have been exchanged. This chapter is relevant to all Transactions in which a sale contract has been agreed.