In plain English
This means the sale has reached the point where the main conveyancing work is finished or settled. The necessary legal, financial, and other matters between buyer and seller are completed or agreed, so the contracts can now be exchanged.
In context
Here, it marks the case as having reached the stage where all necessary legal, financial, and other conveyancing matters are completed or agreed so the buyer and seller can exchange contracts.
- Situation
- Following home-purchase, mortgage, valuation, survey, and closing administration
- What it communicates
- marks the case as prepared for exchange.
Meaning limits
By itself, this status does not mean that contracts have already been exchanged.
Examples
“The flat purchase was ready to exchange, but the contracts had not yet been exchanged.”
“With the remaining legal and financial points agreed, the house sale was ready to exchange.”