Contracts are almost always exchanged in a phone call. The conveyancer for the purchaser and the conveyancer for the vendor consults with their clients to decide a date and time to make a call for exchanging contracts. On the specified day, the parties exchange the contracts on the phone through their conveyancers.
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When they get in a call, both the conveyancers hold a copy of the contract signed by their respective clients. They confirm that they are both holding the correct version of the agreement. This is because most of the time, the final or the original draft has some fine adjustments in the clause, terms, or conditions. Therefore, they discuss any minor amendments or correct typos.
After that, they decide a day of completion with mutual consent, and the conveyancers confirm that the exchange has taken place. It is mentioned explicitly in the contract. Then each of them sends their version to the other through the post. The buyer also pays the deposit, which is usually 10% of the property price.