Exchange of contracts

The point at which the buyer and vendor each sign identical copies of the contract for sale and swap ("exchange") them, legally committing both parties to the transaction. Before exchange, either p...

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Verified facts

• referenceDefinition: {"term":"Exchange of contracts","definition":"The point at which the buyer and vendor each sign identical copies of the contract for sale and swap (\"exchange\") them, legally committing both parties to the transaction. Before exchange, either party can generally walk away; after exchange the contract binds (subject to any cooling-off period). The deposit is usually paid at exchange.","primarySource":"https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw/contracts-and-deposits"}