Meaning of “exchange of contracts” in the English Dictionary

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"exchange of contracts" in Business English

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exchange of contractsnoun [ C or U ]

uk us

PROPERTY a final agreement between the buyer and seller of a property, after which the sale cannot legally be stopped:

Before exchange of contracts either the seller or the buyer can withdraw without having to make any payment.

(Definition of “exchange of contracts” from the Cambridge Business English Dictionary © Cambridge University Press)