Draft contracts are an essential part of any real estate transaction. They are the legal documents that outline the terms and conditions of the sale, including the price and any contingencies. One of the most common questions asked by clients is, “how long will it take from draft contracts to exchange?”
The answer to this question varies depending on several factors, including the complexity of the transaction, the responsiveness of the parties involved, and any issues that arise during the process. However, on average, it takes between six to eight weeks from draft contracts to exchange.
During this time, the seller`s solicitor will prepare the first draft of the contract, which will include all of the necessary information about the property and the terms of the sale. Once the draft is complete, it will be sent to the buyer`s solicitor for review.
The buyer`s solicitor will then review the draft contract and advise their clients on any amendments or additions that need to be made. If there are any issues or queries, these will be raised with the seller`s solicitor, who will then work to resolve them.
Once both parties are satisfied with the contract, it will be signed and exchanged. At this point, the buyer will usually pay a deposit, and the sale will become legally binding.
However, it`s important to remember that this timeline is just a rough estimate. Any issues that arise during the process can significantly delay the exchange of contracts. For example, if there are issues with the property`s title or planning permission, these will need to be resolved before contracts can be exchanged.
Additionally, the responsiveness of the parties involved can also impact the timeline. If one party is slow in responding to queries or requests for information, this can cause delays in the process.
In conclusion, the length of time from draft contracts to exchange can vary depending on several factors. However, on average, it takes between six to eight weeks. It`s important to be patient during this time and work closely with your solicitor to ensure a smooth transaction.