What does 'Contract Race' mean?
Contract Race
Where more than one person or party has offered on a property the seller may accept both offers but state he will ultimately sell to the person who can prepare the legal paperwork and be ready for exchange of contracts fastest. Most professional agents, however, will recommend sealed bids as an alternative. See How to Really Make an Offer for more information.
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Chapter 11:
Sorting Out Your Mortgage
"...Finally and crucially check early with each lender or financial adviser what documentation they will require and organise it now. Discovering you have lost your passport and need to order six months worth of bank statements is going to be of no interest to a vendor when you are in a contract race or competing in sealed bids.
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