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Moneyextra.com Dictionary
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. See Also Mortgage Centre and Mortgage comparison Service for the latest facts and figures. ©Moneyextra.com Moneyextra.com recommends you take independent financial advice before acting on any article 2009-02-17 00:00:00 © Moneyextra.com