In plain English
This is the point where both sides have signed and formally swapped the sale contracts. At that stage, the buyer and seller are committed under law to the property sale. It names that contract-bound state of the transaction.
In context
Here, Exchanged reports that the case is already at the stage where the buyer and seller have formally exchanged signed contracts, making the sale legally binding.
- Situation
- Following home-purchase, mortgage, valuation, survey, and closing administration
- What it communicates
- marks the case as past exchange.
Meaning limits
Exchanged identifies only that contract-exchange state and does not by itself show anything about stages beyond it.
Examples
“Once both sides had swapped the signed contracts, the house sale was already exchanged, with completion still ten days away.”
“The purchase, already exchanged, was not due to complete until the end of the month.”