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exchange contracts

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.
Example sentences
  • 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…
See parent entry: exchange
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