OK, we, the purchasers, sign The Contract on Monday. Does that mean we've 'exchanged'?

[faraday]

Newbie to this hours buying shenanigans:

Presumably the fact our solicitor has called us in to sign the contract means he HAS the vendor's signed contract in front of him.

He has asked for us to prove ID and to produce bank statements on that day. There has been no mention of deposit.

Tell me, once the ink dries, does that mean we've 'exchanged'? Or is there a period for deposit funds to clear (assuming a deposit is required!)?

Obviously questions we can ask our recalcitrant solicitor BUT we won't get the chance before Monday and we need to tell our landlord we're moving out pdq!

No. Exchange is different from signing. Youur solicitor will hold the signed contract ready to exchange and will tell you when this happens

No - we signed contracts for out first house in early July 1999 and didnt exchamnge until end of august 99 and completed 2 weeks later (on the 8/9/99 always remember that date )

Basically by signing the contracts they are ready for when everyone in the chain is at the point to exchange (most chains require everyone to excahnge on the same day and agree completion date which is normally 2 weeks after exchange, also the solicitor will require your deposit to be able to exchange!

Now your solicitor needs to ensure all your searched etc are back and then chase the rest of the chain to see where they are

I think that you've not exchanged until you've heard that they have exchanged. I think that all has happened is that you've given your solicitor everything he needs to make it happen but for exchange your vendors will need to have signed as well. My sister nearly lost her purchase after they had signed and the vendors had signed but official exchange hadn't happened. The vendor got last minute cold feet then and the whole thing nearly collapsed. But it all got sorted 48hrs later and they're now in their house.

I might be wrong in all of this so someone correct me if I am.