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What happens if someone else has applied for the same domain name as me, and his or her application is pending?
The information returned by a Whois search is only updated once or twice a day, domain names that have been purchased are essentially "locked" instantly so that they cannot accidentally be sold to two separate parties. In other words, even if somebody beat you to a domain name by just 1 second, you're out of luck - and in a day or so you'll be able to see their ownership details through the Whois tool.
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