Bring on the lifetime of crippling debt

Today Holly and I exchanged contracts on a house in Marrickville. Yes, this is the neighbouring house to the one we bid on a couple of weeks back.

For those of you in the UK who seem to be able to have a house deal go on for 18 months only for it to fall through on the last day, in countries with a marginally sensible land title system, "exchange of contracts" means that both parties are now committed to the sale. At a date defined in the contract, the final amount will be paid to the vendor and the ownership of the property will be transferred to the buyer. The buyer also ends up owning the land, which I know will seem odd to Londoners -- nope, there will be no toffs whose great-grandfathers sucked a royal nob involved.

Settlement is set for the end of November, which suits both the vendor and our circumstances.

Crippling debt, here we come!