House competitions
In force from 30 October 2008
In an economic downturn, mortgages are harder to obtain and houses can be harder to sell. A small but increasing number of home owners are attempting to increase the likelihood of a sale by organising some kind of competition in which participants can pay for the opportunity to win the property.
This practice note highlights a number of risks associated with such transactions in relation to illegal lotteries, fraud and money laundering. We recommend that you refer to this online version to stay up to date with changes.
Current version
House Competitions - 06 October 2011