GLOSSARY
CHAIN
A property chain occurs when a series of individual purchase and sale transactions are linked together.
Each buyer and seller depends on the success of the transaction directly preceding and following them. For example, a first-time buyer purchases from a seller who is simultaneously buying a larger home from someone else who is also buying from someone else.
Chains introduce a high degree of vulnerability into the conveyancing process. Any delay, mortgage failure, or withdrawal at any single link can cause the entire chain to stall or collapse.
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