From Longman Dictionary of Contemporary Englishexchange contractsexchange contractsespecially British EnglishBBTEXCHANGE to complete the final stage of buying a house by signing a contract with the person you are buying it from → exchange
Examples from the Corpus
exchange contracts• Accordingly, no account is taken of unrealised profits or losses arising on such forward exchange contracts.• Every buyer, lessee and mortgagee of property in or in the vicinity of a coalmining area should search before exchanging contracts.• One person close to Disney said the two parties have exchanged contracts and expect to close the transaction this month.• Once the hammer has fallen, the successful bidder for a house must exchange contracts immediately and pay a deposit.• She had to go through with it now, as she had exchanged contracts on the house.• Once you have exchanged contracts, the countdown to completion and the day of your move begins.• Don't exchange contracts until you and your client are satisfied on every point and in particular about adoption of roads and drains.• A good resolution before you exchange contracts would be to stand back and have a really long look at the wood! 