Gazumping
When a seller accepts a higher offer after previously agreeing yours.
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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