Exchange Agreement Ne Demek

Often, the exchange takes place over the phone, with both lawyers reading the contracts. They immediately send the documents to one another. As a buyer, you may lose your exchange deposit (and if you paid less than 10%, you may have to pay more).) They may also be sued and may have to pay interest on the unpaid purchase price or additional costs incurred by the seller. If you are in a real estate chain, lawyers wait until each part of the chain is happy to continue before exchanging contracts. This means that a hold-up somewhere on the line – for example when buying your seller`s new home – could delay all budgets, including yours. It is possible, but rare, to exchange and finish on the same day. This way you can move around without delay and don`t have to pay a change deposit.