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Exchange Authority in CRM

   Words by CRM Consultancy

   on 04/11/2015 13:48:27

ContractExchanging Contracts is usually the culmination of a Property Sale, only being followed by the relevant Solicitors drawing down the funds to then complete the sale and transfer keys to the new property owner.

As such at the point of Exchanging Contracts, any remaining queries, expenditure and paperwork should be complete so that the relevant Solicitors for the Purchaser and Seller can complete the transaction and exchange the signed contracts.

For this to take place both the seller and purchaser must have contacted their Solicitor to give them the mandate to exchange the signed contract on their behalf.

As this is the close of the transaction the seller and purchaser must ensure that any of the remaining points regarding the Property Sale or associated 3rd Parties have been put to rest before they mandate their Solicitor to exchange.

In simpler cases, this can be done via a simple conversation between the Solicitor and their client to confirm all the correct paperwork is present and give the green light to the Exchange – but in other more complex transactions, this may involve a number of contractual and legal points being confirmed as closed before the exchange should take place.

This process of ensuring that everything is complete for the exchange can be defined as point of Exchange Authority between the seller and the solicitor – essentially exchanging sign-off between the seller and solicitor, so the solicitor can then exchange the contracts on the seller’s behalf.

As this Exchange Authority can involve various different points specific to the Property and the External Agents that have been involved with the Property Sale, this is an area that CRM can assist in providing a detailed view of the Exchange Authority to ensure any remaining Issues or Actions are confirmed as closed prior to passing the completed mandate to the Solicitor.

Business Requirements

  • Produce a Dynamic Checklist for the Property to confirm that any remaining issues are closed prior to Exchange
  • Allow this Checklist to include different items dependent on the Property involved.
  • Support the Property Manager to complete this Checklist and then compile and send the Authority Document to the Solicitor as a result
  • Track whether this Exchange Authority has either been Requested, Sent to the Solicitor, Approved by the Solicitor for Exchange.

Raise Exchange Authority

The Property Manager or Seller raises the Exchange Authority for the Property, this will create the requested authority as a pending activity and launch the corresponding screen in CRM.

This screen pre-populates certain existing details from the Sale and Property into the Exchange Authority request, alongside forcing the Property Manager or Purchaser to complete any other pending questions or issues.


Once this is complete, the Property Manager or Purchaser can then instruct this authority to their solicitor to provide the mandate.

Confirm Exchange Authority

Once the Exchange Authority has been raised and sent to the Solicitor, the solicitor will then confirm that the Exchange of Contracts can go ahead.

This provides authority for a certain period of time for the Exchange – if this time elapses, then the solicitor will be dependent on the Property Manager raising a new Exchange Authority to take account of any new issues that may arisen over the period, and to reconfirm the checklist prior to exchange.

Contracts Exchanged

With the mandate for exchange resolved between the Seller and the Solicitor, the Solicitor can proceed to exchange contracts on the property and inform the seller that this has taken place.

Once Contracts have Exchanged, this allows the Purchase Solicitor to draw down the funds required to complete the transaction and set the Actual Completion Date to finish the sale of the property from seller to purchaser.

This process helps tracks the Sale and Exchange of Properties within CRM for our Clients, particularly helping record and track activities between the Seller, Purchaser, Solicitors and the Agent involved – if you think this could benefit your business, please contact us at or give us a call at 0161 348 7360.

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