How do solicitors exchange contracts?

Contracts are usually exchanged by both solicitors/conveyancers reading out the contracts over the phone (which is recorded by both of them) to make sure the contracts are identical. The contracts are then immediately sent out by them to one another in the post. This is known as “exchange”. If you are in a chain, your lawyer will do the same thing. However, they will only release the contract to the lawyer acting for the party on the other side if all the other people in the chain are happy to…

I want it in writing!

To create a legally binding contract there must be in place the following four key elements: An offer to enter into a contract from one party to the other; Acceptance of the offer; Intention of the parties to create legal relations; and Consideration - being something (often money) in exchange for what is being offered. With the exception of contracts for land in English Law, there is no requirement for a contract to be in writing, and a verbal contract is just as valid as a written one. Verbal contracts,…

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