Both copies of the contract of sale become binding only after each party is in possession of a copy of the contract signed by the other party-i.e., the exchange is said to be "complete". This rule enables contracts to be "exchanged" by mail. However, it is usually sufficient that only the copy retained by each party be signed by the other party only - hence contracts are "exchanged".
When the parties are together, both would usually sign both copies, one copy of which being retained by each party, sometimes with a formal handing over of a copy from one party to the other. An exchange of contracts involves two copies of a contract of sale being signed, one copy of which is retained by each party. It is a legal requirement in all jurisdictions that contracts for the sale of land be in writing. The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title). In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. ( Learn how and when to remove this template message) JSTOR ( May 2009) ( Learn how and when to remove this template message).Unsourced material may be challenged and removed. Please help improve this article by adding citations to reliable sources. This article needs additional citations for verification.
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