Meaning of exchange contracts | Babel Free

Definitions

1. To formally contract to purchase, sell or otherwise be party to a disposition of an estate in land; usually requiring the payment of a deposit by one of the parties.
   England, Northern-Ireland, Wales, idiomatic
2. To create a contract for the disposition of an estate in land between negotiating parties, by a process which is immediately followed by the exchange of executed counterparts of the contract between each party's legal representative.
   England, Northern-Ireland, Wales

CEFR level