Contract Races
Specialist Contract Races Service enquiry form.A Contract Race is a procedure that can be set up by your Solicitor to encourage a fast exchange of Contracts and it applies where you have more than one potential buyer. It is possible to issue two Contracts on the basis that you will enter into a binding Contract with the first person able to sign Contracts, pay a deposit and agree an acceptable completion date.
This procedure needs to be handled carefully to stay within the rules governing the professional conduct of Solicitors, as all parties need to be informed that more than one Contract has been issued.
For those involved in a Contract race there is considerable pressure on the potential purchasers and sometimes purchasers put in this situation will refuse to take part or withdraw from the transaction. A seller needs to bear this possibility carefully in mind that by setting up a Contract race both potential purchasers could potentially withdraw. On the other hand if the property is very desirable many buyers will be happy to take part to stay in with the chance of securing the property for themselves.
If you are in the fortunate position of having more than one person interested in purchasing your property there are other potential routes that you can follow to try and secure an early exchange of Contracts.
If you would like further advice on the alternatives, which are available to you for a Contract race procedure, we will be happy to assist you.
If you are a purchaser who is placed in a position of having to take part in a Contract race we can also assist you by trying to achieve a successful result for you.
Please contact us by telephone and we will be happy to talk through the particular circumstances of your case to see if we can provide you with a solution.
