Occurs when two parties have made an offer on the same house. The vendor will sell to whoever exchanges contracts first, therefore it's a contest
The situation which arises when a seller decides to accept, subject to contract, two or more offers on his property. This is not a popular practice because it will lead to at least one person wasting money spent on surveys and legal fees.
Involving two or more purchasers wanting to buy the same property. Usually instigated by the seller. The successful purchaser is the first purchaser to exchange contracts.
Where the vendor sends out draft contracts to two or more prospective buyers and with the condition they will exchange with the first party who is able to proceed first. Fine for the successful buyer but very expensive for the unsuccessful. An arrangement to be avoided and with which we would not normally wish to get involved.
The seller has received two or more offers on the property and will sell to whoever is ready to exchange contracts first.
When a seller decides to sell to more than one buyer at a time and issues multiple contracts, 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.
Involving two or more purchaser wanting to buy the same property. Either purchaser or vendor can instigate it although usually it is the latter. The winner is the first purchaser to exchange contracts.
Where a seller decides to deal with more than one prospective buyer, with a view to exchanging contracts with whoever is ready first. There are strict rules to be followed by lawyers in these cases.