Definition of exchange contracts in English:
British (Of a buyer) sign a legal contract with the vendor of a property or piece of land, making the purchase legally binding and enforceable.
- Life Property has exchanged contracts to purchase a 0.78-acre site, which is to be developed for a 126-cover Pizza Hut restaurant.
- We will then be in a position to instruct our solicitors to exchange contracts on the lease by mid-January.
- It is not like selling land or exchanging contracts and postponed dates of settlement or anything…