Exchange and completion are two of the most important stages of the conveyancing process, but they mean very different things.
Exchange of contracts is when the purchaser and vendor become legally committed to the transaction. Completion is when the purchase money is transferred, the transaction completes and the purchaser can normally collect the keys.
In England and Wales, accepting an offer does not normally make a property transaction legally binding (unless it is at an auction or another form of agreement). That generally happens when contracts are exchanged. Completion then takes place on the date agreed between the parties.
Understanding the difference is particularly important when arranging removals, giving notice on rented accommodation, transferring money or making other commitments connected with your move.

Buying or selling a property can be an exciting but sometimes frustrating process. One of the most common questions buyers and sellers ask is: how long does conveyancing take?
In England and Wales, the time between a property being sold subject to contract and completion is often around 8 to 12 weeks, although every transaction is different. GOV.UK guidance has also historically indicated approximately 12 weeks for the conveyancing stages of a typical transaction. More recently, the Government has described the wider home-buying and selling process as taking around 120 days on average.
The process can be quicker or significantly longer depending on the property, the parties involved and whether any legal or practical issues arise.