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Published 12 March 2019
In a property sale, a contract race occurs when there is more than one prospective buyer and the seller wants to issue contracts to each of them. This may happen when selling freehold or leasehold interests or granting a lease. If you are a seller in these circumstances (and this includes landlord or tenant) it is likely that your solicitor will have obligations under its professional conduct rules, the SRA Code of Conduct 2011.
The Code specifically provides that where acting for a seller of land a solicitor has to “inform all buyers immediately of the seller’s intention to deal with more than one buyer”.
For sellers this means that:
Dealing with more than one buyer may well produce the desired outcome (ie. a quick sale) but, in circumstances where an intention to deal arises unexpectedly and is not considered at the appropriate point, it may result in regulatory complications (and delay) that would otherwise have been unnecessary.
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