Meanings
To formally contract to purchase, sell or otherwise be party to a disposition of an estate in land; usually requiring the payment of a deposit by one of the parties.
To create a contract for the disposition of an estate in land between negotiating parties, by a process which is immediately followed by the exchange of executed counterparts of the contract between each party's legal representative.
Example Sentences
1
The buyer and seller are set to exchange contracts next week.
2
Once both parties exchange contracts, the sale will be legally binding.
3
We cannot finalize the deal until we exchange contracts with the other party.
4
The buyer must provide the deposit before we can exchange contracts.
