By this we mean the legal document relating to your proposed sale or purchase. These will set out the various terms and conditions with the exact wording agreed between the two legal advisers as appropriate. Once these terms are agreed, both seller and purchaser sign their copy of the contract. When these two, then identical, documents are exchanged, the deal is settled and becomes binding on both parties. You cannot change your mind!

Until then, while the transaction is still “subject to contract”, other negotiations could continue - indeed we are obliged by law to notify a seller-client of any other offer made for their property right up to the final exchange of contracts.

A contract race is a situation where the seller-client, who may well be under pressure and at risk of losing their own purchase, agrees that they will exchange contracts with whichever of two, or more, prospective purchasers is in a position to go ahead first. This is never an easy position to resolve, and sound advice then becomes critically important.

When you are buying a property, subject to contract, neither you nor the seller are committed. You may need to change your mind for any number of reasons and prior to exchange of contracts are free to do so. It is only fair that the seller should have a similar right.

If you are keen to secure the property make sure your solicitor knows this and insist that he pushes ahead quickly. These days with fax and electronic mail it is possible to agree most deals in a matter of days if not hours when necessary.

We will always let you know if the seller wants us to keep their property on the market after your offer has been accepted. This aspect will normally be agreed one way or the other during the final negotiations. And if a second contract is issued at any time your solicitor will be notified and made aware of the need to get on with matters quickly.