Buying a home is exciting — but it can also feel overwhelming when you’re faced with unfamiliar terms and legal language.
At JW Wood Estate Agents, we speak to buyers across County Durham every day who ask the same questions:
👉 “What’s the difference between exchange and completion?”
👉 “When do I actually own the house?”
So, we’ve put together a simple, jargon-free guide to help you understand these two key milestones in your home-buying journey.
What is “exchange of contracts”?
Exchange is the moment your purchase becomes legally binding.
At this stage:
You and the seller have both signed the contracts
Your solicitors formally swap these contracts
You usually pay a deposit (often around 10% of the purchase price)
The sale is now legally agreed
Once contracts are exchanged, you can’t simply change your mind without financial consequences.
💡 In simple terms:
Exchange is when the deal is locked in.
What is “completion”?
Completion is the day you officially become the owner of your new home.
On completion day:
The remaining money is transferred to the seller
Ownership is legally transferred to you
You collect the keys and can move in
💡 In simple terms:
Completion is when the home becomes yours and you move in.
What happens between exchange and completion?
There’s usually a short gap between exchange and completion — often between a week and four weeks, although it can sometimes happen sooner or even on the same day.
During this time:
Your solicitor finalises paperwork
Your mortgage lender releases funds
You can organise removals and prepare for moving day
Why does this matter for buyers?
Understanding the difference between exchange and completion helps you feel more confident and prepared.
Many buyers assume they “own” the property as soon as their offer is accepted — but legally, that’s not the case until completion. Exchange is the point of commitment, while completion is the finish line.
How JW Wood supports you through the process
At JW Wood Estate Agents, we know that buying a home can feel complicated — especially if it’s your first time.
That’s why we’re here to guide you through every step, explain the process in plain English, and work closely with solicitors and buyers to keep things moving smoothly.
Whether you’re just starting your search or close to exchanging contracts, our team is always happy to answer your questions.
Thinking about buying a home?
If you’re considering a move in County Durham, speak to the team at JW Wood Estate Agents for friendly, honest advice and local expertise.
We’ll help you understand the process — and feel confident at every stage of your home-buying journey.
Sources from Zoopla