Contract Race

A situation which is peculiar to England & Wales, in which a seller has received and accepted two or more offers on the property and will sell to whomever is ready to exchange contracts first.

Such situations were common in the feverish housing market of the mid-1980s.

Changes being considered by both main political parties to the legislation governing house sales may put an end to the occurence of contract races.

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See also: Financial Services, Mortgages