exchange of contracts

idiom

Meaning

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.

Examples

SIMPLE

We sign the papers at the exchange of contracts.

CONTEXTUAL

The buyer paid the deposit during the exchange of contracts, making the house purchase official.

COMPLEX

Following weeks of negotiation, both parties finally reached the exchange of contracts, legally committing them to the transfer of the property.

Anchors to

contracts
exchange

Related idioms2entries

01
exchange contracts
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.
02
exchange flesh
To engage in sexual intercourse.