exchange contracts

Language: en

Meaning: (law,England and Wales,Northern Ireland,idiomatic)To formallycontracttopurchase,sellor otherwise bepartyto adispositionof anestate in land; usuallyrequiringthepaymentof adepositby one of theparties.; (law,England and Wales,Northern Ireland,chiefly by legal practitioners)Tocreateacontractfor the disposition of an estate in land betweennegotiatingparties, by a process which is immediately followed by theexchangeofexecutedcounterpartsof thecontractbetween each party'slegal representative.

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