Exchange and Completion

What are the 3 formulas for exchange of contracts

• A

• D

• C

• E

• B

What documents do you send to the Seller solicitors on exchange

• Signed contract

• Signed Transfer

• Deposit

• Signed declaration

• Fixtures and Fittings and list

Before exchange of contracts what should you check in your call to your lender

• That we have a signed mortgage deed

• That the COT has been received

• How much the mortgage advance being sent is

• That the mortgage offer is still valid

• If all special conditions have been complied with

Who do we call on completion of a purchase once the keys are released

• Sellers solicitors

• Client

• Recommender

• Lender

• Estate agent

Who do we call on completion of a sale once monies received

• Buyers solicitors

• Estate Agent

• Recommender

• Client

• Lender

What documents do we add to the file handover for post completion

• Signed Transfer

• Signed Deed of covenant/Deed of Trust

• Signed mortgage deed

• Indemnity policy/RX1

• Second charge

What documents are sent to the client on registration

• Certificate of registration

• OC2

• Planning permissions and building regulation approvals

• Indemnity insurance

• Original guarantees/Warranties

if you exchange contracts after 4pm what should you do?

• Immediately run letters and send out

• Nothing I can do the letters tomorrow

• Vary the formulae for exchange of contracts

• Ask the solicitor if we can send the contract the next working day

The contract time on your purchase is 2pm and in your call to exchange on your sale the solicitor asks to delete special condition 5. Can we accept this?

• Yes

• No

• What is special condition 5

You call to exchange contracts and the solicitor advises that they only have a nominal deposit available. What should you do?

• Continue with the exchange

• Refuse deposit and exchange and insist they ask their client for more money

• Stop the exchange as you need to take clients instructions regarding the reduced deposit and check with your related