Return to the Mortgage Glossary Home to view explanations for all mortgage terms. What follows is the definition for the term Contract Race as it relates to mortgages in the UK. Contract RaceA situation which is peculiar to England & Wales, in which a seller has received and accepted two or more offers on the property with a view to exchanging contracts with whoever is ready first. There are strict rules governing contract races, not least of which is the requirement for the issuing solicitor to advise the other parties of the issue of further contracts. Such situations were common in the feverish housing market of the mid-1980s.
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