Exchange of Contracts Exchange of contracts is the point when signed copies of the contracts are exchanged between the buyer’s conveyancer and the seller’s conveyancer. At exchange of contracts neither the buyer (nor indeed the seller) can pull out of the sale without financial penalty. Completion A date for completion is usually set for at least two weeks from the day after exchange of contracts to give both parties time to move. However, you can arrange to simultaneously exchange and complete on your property or indeed have a longer period between exchange and completion if your buyer is ready and able to wait. On the day of completion, your solicitor will call your estate agent to tell them when the buyer’s money has arrived so that the keys can be released to the new owner. When you receive your conveyancing solicitor’s final statement, check it carefully to make sure all is correct and is in line with your original agreement. Your estate agent’s fees will be paid by your conveyancing solicitor from the proceeds of your sale and should be detailed in your solicitor’s final statement. 17