Why signing your contract promptly is crucial
Signing your contract is one of the final steps before exchanging contracts and securing your new home. However, many buyers delay signing, which can cause unnecessary hold-ups in the process.
Understanding why this step is important, and making sure you’re ready to sign as soon as your conveyancer requests it, will keep your purchase on track.
What does signing the contract mean?
When you sign the contract, you are legally agreeing to:
✔ The purchase price – The amount agreed upon with the seller.
✔ The terms of the sale – Any conditions regarding fixtures, fittings, and completion dates.
✔ Your deposit commitment – Confirming that you’re ready to transfer your deposit for exchange.
✔ Legal responsibility – Once contracts are exchanged, you are legally committed to completing the purchase.
💡 Fact: You cannot exchange contracts until both you and the seller have signed - delaying your signature could cause the whole process to stall.
Why you should sign as soon as possible
Many buyers unintentionally delay exchange by not signing their contract when requested. The longer you take, the more risk there is of:
⏳ The seller losing confidence – A slow-moving buyer can make a seller nervous and reconsider the sale.
⏳ Another buyer stepping in – Until exchange, the seller is legally free to accept a higher offer (gazumping).
⏳ Delays in the chain – If other buyers in the chain are ready to exchange, you could hold up multiple transactions.
⏳ Your mortgage offer expiring – Most offers are valid for 3-6 months - if time runs out, you may need to reapply.
💡 Tip: If you have any concerns about the contract, raise them with your conveyancer immediately rather than putting off signing.
What should you do next?
✔ Ask your conveyancer when your contract will be ready so you can prepare.
✔ Review the contract carefully and flag any questions straight away.
✔ Sign and return it as soon as requested to avoid delays.
✔ Ensure your deposit is ready - exchange cannot happen without it.
💡 Fact: Buyers who sign and return their contract quickly are far less likely to experience last-minute issues or delays in their purchase.
What Open Moove suggests next
• Be ready to sign as soon as your conveyancer requests it to keep the process moving.
• If you have questions, ask your conveyancer early rather than delaying the signing.
• Ensure your deposit funds are in place to allow for a smooth exchange.
• Download the Open Moove app to stay on top of every stage of your purchase and avoid unnecessary delays.
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