exchange contracts

idiom

Meaning

To formally contract to purchase, sell or otherwise be party to a disposition of an estate in land; usually requiring the payment of a deposit by one of the parties.

Examples

SIMPLE

We exchange contracts on the house next week.

CONTEXTUAL

After the bank approved our loan, our lawyer told us we were finally ready to exchange contracts.

COMPLEX

Once the solicitors confirmed that all legal searches were satisfactory, both parties met to exchange contracts and finalize the property sale.

Anchors to

contracts
exchange

Related idioms2entries

01
exchange flesh
To engage in sexual intercourse.
02
exchange of contracts
The point or stage at which a conveyancing contract comes into existence between negotiating parties for the carrying out of a disposition of an estate in land; usually requiring the payment of a deposit.