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What is GazumpingThis term is used in the housing market where a seller accepts a second or third better offer even though they have already accepted a previous offer from someone else. This can happen because under the land law of England and Wales (but not Scotland) the seller is not committed until contracts are exchanged.
This can cause problems as if the person who made the first offer, which was accepted, sells their property on that basis or if they sold their property for less money on that basis then they may find themselves in difficulty.
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Term created / updated 2005-09-05 22:06:52
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