What is an "Exchange of Contracts"?
Updated: Jan 20
Real estate deals must be evidenced in writing and in NSW this is usually in the form of a "Contract for Sale". The initial draft sets out the basic details that will be later completed once a buyer is found. BEFORE your property can be listed for sale, your selling agent MUST hold a draft contract. Therefore, if you are looking to sell sooner than later, you should have a contract prepared as soon as possible. Marketing cannot begin until your agent holds a Contract. Delaying the process will delay the listing of your property.
There will be two (2) identical copies of the contract. One will be given to a prospective buyer upon request.
The exchange is literally the physical exchange of each parties' signed contract once the terms such as price and time-frame (usually 6 weeks) have been agreed . This is the beginning of the legally binding relationship.
We hope that this information helps to explain and demystify the "exchange" process.
We are your property experts and we will be posting regular blogs relevant to legal concepts, propert trends, etc. (property is our passion and building lasting relationships is our aim) so feel free to contact us for any further information. We are an agency here to genuinely help you with expert knowledge and advice to guide you safely through the process.
Please note that Phil Brogan has nearly 20 years legal litigation experience and has had extensive involvement with property including complex disputes. We are not aware of any other agency that provides the same level of expertise. We aim to provide ultimate professionalism to our customers so that you know that you are in safe hands. Most transactions will proceed relatively smoothly but don't be the statistic when things go wrong. Have an expert on your side. Results Realty is committed to value and excellence!