Glossary · GB
Exchange of Contracts
The stage in an English property transaction when the buyer and seller formally exchange signed contracts, making the agreement legally binding subject to its terms.
Belgrave in London
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Around this term
Related terms.
Completion
The point at which the purchase price is transferred, legal ownership passes to the buyer and the transaction is completed.
Conveyancing
The legal process involved in transferring ownership of a property from seller to buyer, including searches, contracts, enquiries and completion.
Subject to Contract
A status indicating that negotiations or an agreed commercial position are not yet legally binding because formal contracts have not been exchanged or executed.
Additional Property Surcharge
An additional SDLT charge that can apply when an individual purchases an additional residential property, subject to the applicable rules and exemptions.
Adverse Possession
The legal process by which someone who has openly occupied land they do not own for a qualifying period may apply to become its registered owner. Colloquially 'squatter's rights'.
Amortisation
The gradual repayment of a loan's capital over its term through scheduled instalments, steadily reducing the outstanding balance.
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