Gazumping
When a seller accepts a higher offer after previously agreeing yours — legal in England, Wales and Northern Ireland because nothing is binding until exchange, so there is no legal remedy for the costs you lose.
Gazumping is legal in England, Wales, and Northern Ireland because nothing is binding until exchange of contracts. A seller can accept a higher offer from another buyer at any point before exchange, leaving the original buyer to lose their costs to date (valuation, survey, legal). Scotland's system is different — offers become binding earlier, so gazumping is rare. Protection: exchange as quickly as possible to move the transaction into legal commitment.
Related terms
- Gazundering →
- SSTC →
- Exchange of Contracts →
- Property Chain Explained — full guide →
This glossary entry is a brief definition. For the full practical walkthrough, see the guide above.
- Full Glossary →
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