Philip Freedman, a member of our Conveyancing and Land Law Committee, writes in the
Exchange of contracts is probably the most important part of the conveyancing process.
It is the point where parties commit to the transaction and penalties arise if the transaction doesn’t happen.
Being able to exchange digitally could benefit solicitors and clients dealing with both residential and commercial properties transactions across the UK. It should facilitate and speed up the exchange process.
To satisfy Section 2 of the Law of Property Miscellaneous Provisions Act 1989, the agreement must be in writing, be signed and either incorporate all the agreed terms in a single document, or, if each party signs their own version, each document must contain all the agreed terms and these contracts must be exchanged. If a contract for the acquisition of an interest in land doesn’t comply with section 2 the agreement will be void.
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