Draft contracts will be drawn up by the Sellers solicitor and be forwarded to the Buyers solicitor for consideration in preparation of exchange of contracts. Once the contract has been signed by both parties, a deposit (usually a small percentage of the purchase price) is paid by either bank transfer or bankers draft. At this stage all parties will agree a date for completion to take place.
Completion usually follows a few days or weeks after exchange of contracts. The balance of the purchase price is transferred by the Buyers solicitor to the Sellers solicitor and the keys are released. You are now the proud owner of your new home.