exchange contracts: Idiom Meaning and Origin
What does ‘exchange contracts’ mean?
The idiom "exchange contracts" refers to the final stage in a property transaction when the buyer and seller legally commit to the sale. At this point, the terms and conditions of the contract are agreed upon and exchanged. This signifies a significant step towards completing the deal.
Idiom Explorer
The idiom "horsetrading" refers to the practice of negotiating or bargaining in a shrewd or calculated manner, often involving give-and-take, compromise, and strategic maneuvering to achieve a desired outcome.
The idiom "horsetrade" means to bargain or negotiate, especially in a shrewd or calculating manner, in order to achieve a desired outcome. It is often used in the context of making deals or compromises, where both parties seek to gain an advantage.
The idiom "hand over" means to give or transfer something to someone else, usually with the implication of authority or control. It can also indicate the act of surrendering or yielding to someone or something.
The idiom "hand off" means to pass or transfer the responsibility or control of something to someone else.
The idiom "great deal" means a large amount or quantity of something. It is used to indicate that there is a significant or considerable extent or degree of something.
The idiom "go through with" means to complete or follow through with a plan, action, or commitment despite difficulties or hesitations.
The idiom "give and take" means to compromise or negotiate with others, by both parties making concessions and understanding each other's needs.
"Fool's bargain" is an idiom that refers to a deal or agreement that appears to be advantageous at first, but ultimately turns out to be a mistake or a bad decision.
The idiom "fine print" refers to the important details or conditions that are often hidden or overlooked in a contract or agreement, which may have significant implications. It implies the need for careful examination and understanding before making a decision or commitment.
The Intricate Bond
The idiom "exchange of contracts" is a common term used in the real estate industry, specifically in the context of buying and selling properties. When parties involved in a property transaction are ready to proceed with the sale, they "exchange contracts" as a formal and legally binding agreement.
This idiom refers to the step in the process where both parties, typically the buyer and the seller, sign and exchange the finalized contracts. This exchange signifies the commitment of all parties involved to complete the transaction according to the terms and conditions outlined in the contract.
It's important to note that "exchange contracts" is specific to the UK legal system and may not hold the same meaning or significance in other countries. In the United States, for instance, a similar concept is referred to as "closing" or "closing the deal."
Example usage
Examples of how the idiom "exchange contracts" can be used in a sentence:
- After months of negotiations, the buyer and seller finally exchanged contracts on the sale of the property.
- Before the project could proceed, the construction company had to exchange contracts with the local government.
- The two parties involved in the business deal will exchange contracts next week to finalize their agreement.
More "Legal" idioms
