In a sale using the Fifth Edition SCoS, once contracts have been exchanged and the transaction is ready for completion, what is the status?

• A. The contract has been exchanged and the transaction is ready for completion
• B. The contract has not yet been exchanged
• C. The contract is void
• D. Stamp duty is due immediately

Answer: (A)

After exchange under the Fifth Edition Standard Conditions of Sale, the agreement becomes binding and the sale moves into the completion phase. When a transaction is ready for completion, all pre‑completion steps are in place—funds, documents, and dates are lined up—and the next act is completion on the agreed date. This status accurately reflects that the contract has been exchanged and the deal is prepared to close.

The other possibilities don’t fit: if the contract hadn’t been exchanged, there wouldn’t be a binding agreement yet; if the contract were void, the sale would have fallen apart; stamp duty (SDLT) isn’t due immediately on exchange—it's due within a set period related to the transaction, often around completion, not instantly.