Buying Commercial Property · glossary
The step that binds both sides. Each side signs its own identical part of the agreed contract, and the two firms swap them, usually by telephone. From then neither side can walk away without paying for it. Contract, Execution · Chapter 1 · Chapter 2 · Chapter 9
Explained in Chapter 1, What a Property Deal Is, of Buying Commercial Property.
Two moments change everything. At exchange of contracts, the two firms swap their clients' signed copies of the agreed contract. They usually do it by telephone: each agrees on the call that it now holds its copy for the other side. From then both sides are bound, and a side that backs out must pay for it.Read Chapter 1, What a Property Deal Is →
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