Business terms and jargon explained. Your business dictionary

What is Gazumping

This 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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Tax Form - P11D	Notice board terms of use	Surge Protector	Merger
Privilege	UK	Offer	Marketing Strategy
N162 Civil Court form	Cestui que trust	SHA256	Variable costs
Basis Point	N265 Civil Court form	Specified Supplies	Office Of Exit
Assurance	Acquiree	Transfer of Shares	Jus
Birr	Proactive	Capital Gains	Letter of request
Amortisation	List Price	N322A Civil Court form	EAT
Project support Office	Appellant	Receiver	Warrant of commitment
Barrel	Spouse	Order of committal	Budget
Buy-in	Building Society	Acquisition	Cyberspace

Term created / updated 2005-09-05 22:06:52

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