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What is the difference between an exchange of contracts and completion?

What is the difference between an exchange of contracts and completion?

An exchange is when the buyer and seller enter into a legally binding agreement to buy and sell on a set date. Once an exchange has taken place, both parties are committed to the sale/purchase, and cannot pull out of the transaction without legal penalties. Exchange of contracts is also when the buyer must pay a  deposit, usually 10%. 

Completion refers to the day on which all payments have been made/received, that the property is transferred from the seller to the buyer; the day that you move house

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