What does 'Contract Race' mean when buying a property?

Find out what Contract Race means when you are buying a property. 'What does Contract Race mean?' plus over 150 other property related terms and jargon in plain English

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.

This is rare. Most professional agents will recommend sealed bids as an alternative as buyers are reluctant to risk solicitor and other buying costs.

It occurs more where there is a very unique property that a number of professional buyers (say developers) are interested in and those buyers are well versed in the buying process.

To find out more about Contract Races and how to handle them pick up a copy of my ebook How to Really Buy a Property.

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How to Really Buy a Property

"... 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..."

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