Exchange of contracts

Question 1

What are the steps involved with Formula B

Answer 1

1. each solicitor holding the contract signed by their client and
2. the two solicitors will go through the terms of the contract on the telephone.
3. Once each party’s solicitor is happy that the contract terms are correct and reflect what has been agreed,
4. the contracts will be ‘exchanged’ by both solicitors agreeing to ‘exchange’ and dating the contract and other information below
5. Each solicitor will then take a certified copy of their signed contract for their respective files and send the original signed contract in the post to the other party’s solicitor.

Question 2

What is the Information recorded with Formula B

Answer 2

1. The time the exchange takes place
2. Name of the solicitors conducting the exchange
3. Method of exchange