Organising and Exchanging Contracts

Purpose

In this procedure, the Seller and Buyer exchange contracts.  The Sales Administrator records the exchange and notifies stakeholders.  This procedure starts when the Seller and Buyer agree to exchange contracts It ends when stakeholders have been notified.

Exchanging contracts is a legally sensitive process.  It is extremely important that staff members communicate clearly with the people involved and follow procedures exactly so that there are no problems with the transaction.

Procedure

Sales Consultant

• (If the Agent conducts the contract exchange) Gives the contracts to the Sales Administrator
• Signs notification letters on request from Sales Administrator

Sales Administrator

• (If the Seller’s Solicitor/Conveyancer conducts the contract exchange) Receives written notification from the Seller’s Solicitor/Conveyancer
• (If the Agent conducts the contract exchange) Receives the contracts from the Sales Consultant
• Prepares notification letters to the Seller, Buyer, Referral or Conjunction Agent
• (If the Agent conducts the contract exchange) Prepares notification letters to the Seller’s Solicitor/Conveyancer and the Buyer’s Solicitor/Conveyancer
• Makes copies of the letters, sends the letters, and files the copies in the sales master file
• Updates the Sale Summary checklist