exchange contracts

verb2

1. •
   (Wales, Northern-Ireland) To formally contract to purchase, sell or otherwise be party to a disposition of an estate in land; usually requiring the payment of a deposit by one of the parties.
2. •
   (Wales, Northern-Ireland) To create a contract for the disposition of an estate in land between negotiating parties, by a process which is immediately followed by the exchange of executed counterparts of the contract between each party's legal representative.