In Office Exchange is something that we, as Real Estate Agents, have tried to steer clear of. We believe that it is in our clients best interests to be protected, during such a life altering transaction, by professionals in the conveyancing field.
As you may be aware, a Sale of a home is not considered complete until Exchange has occurred. Although Settlement is when the property actually changes hands legally, Exchange is when the house is considered Sold.
While ever there is a delay in Exchange, the purchaser is free to buy another property. Vendors can only relax when Exchange has been achieved.
More and more these days Exchange has been delayed due to the inaction of either a legal representative, or a financial institution.
The truth is that your legal representative will get paid anyway. Regardless of whether the sale goes through. You are being charged for their time, their phone calls and for every letter they send on your behalf.
While we still believe that the first course of action should be through legal professionals, we are now able to effect Exchange in our office on behalf of the Vendor and Purchaser.
For our Vendor it is peace of mind that their property has been sold. For the purchaser it is peace of mind that nobody can gazump them on the property. For our office it is an extra service that we can provide in some circumstances.