The point in a property sale when the buyer and seller sign and swap contracts, making the sale legally binding. Until exchange, either side can usually withdraw; after exchange, both are committed, and pulling out can lead to financial penalties. The sale is completed (and keys handed over) on a later 'completion' date.
In Plain English
The moment in a house sale when the deal becomes legally binding and neither side can easily back out. After this point, both the buyer and seller are committed to completing the sale on a set date.
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