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Since receiving the draft contract from the seller's solicitor, the purchaser's solicitor will have been in correspondence with their client about what is covered. Before signing the contracts, both solicitors will need to ensure that:
It is the duty of the solicitors to converse with each other regarding exchange of contracts.•This is usually done by both solicitors reading out the contracts over the phone (a recording is also taken) to ensure both sides have an identical copy, and then immediately sending their signed copy to the other sides’ solicitor in the post.
If you are in a chain your solicitor will repeat this for both your sale and purchase, but will only release the contract if the parties involved in the lower chain are all happy to go ahead. Occasionally this process can be delayed if one party is not ready. Part of the sales progression role at Parker Hall is to help ensure that this does not happen and to keep all parties in the chain aware of the current situation.
Once you have exchanged contracts… both parties will be in a legally binding contract to buy/sell the property with a fixed date for completion and release of keys. This means that: