gazumping

English - Turkish

Definition of gazumping in English Turkish dictionary

Related Terms

gazump

kimese (evini) satmaktan vazgeçip daha fazla pul veren başka birisine satmak

gazump

kandır

gazump

satış aşamasında evin fiyatını artırmak

English - English

Definition of gazumping in English English dictionary

Gazumping may take two forms

a common practice whereby the seller, having already accepted an offer from one person, accepts a higher offer from another gazundering when the buyer makes a lower offer just before contracts are about to be exchanged gross mortgage interest before tax ground rent a nominal sum paid by owners of long-leasehold flats to the leaseholder Failure to pay this small sum could result in the forfeiture of the lease

In the period of time between accepting an offer and "exchanging contracts" some unscrupulous sellers may accept a higher offer from a third party While this practice is illegal in Scotland there is no current legislation to prevent it in England and Wales

When the seller, having already accepted an offer but before contracts are exchanged, accepts another, higher offer from someone else

The sellor's agent takes a higher bid after accepting yours

You have been gazumped if, after accepting your offer, the seller receives and accepts a higher bid

Gazumping may take two forms: The intending buyer believes that the property has been secured by payment of a holding deposit, and proceeds to arrange finance, legal and other matters When ready to exchange contracts, the intending buyer finds that another buyer (of which he was unaware) has exchanged contracts on the same property The vendor or real estate agent accepts two or more deposits and then before contracts are exchanged, tells the intending purchasers that the price has gone up The intending buyers are then left to outbid each other as if it were an auction

when your offer on a home has been accepted (but not yet paid) and another party comes in at a higher price and secures the sale

This is when a seller accepts a higher offer from a third party on a property that they have agreed to sell to someone else, but not yet exchanged contracts Although illegal in Scotland this still happens in England and Wales GAZUNDERING - When the buyer blackmails the seller into accepting lower offers just before contracts are about to be exchanged This usually happens during a recession GROUND RENT - A nominal sum paid by owners of long leasehold flats to the leaseholder Failure to pay this small sum could result in the forfeiture of the lease GUARANTOR - The lender may sometimes require a borrower to appoint a guarantor This is someone who promises to pay the borrower's debt if or when necessary Return to top

This is when the person selling the property accepts an offer from a potential buyer, and then accepts a new, higher offer from another buyer before exchange of contracts

Gazumping occurs when the owner of a property verbally agrees with a buyer to sell and then subsequently accepts a higher offer from a second purchaser prior to the agreement with the first buyer being formalized

A tactic whereby the seller demands more money, or accepts a higher offer, just before exchange of contracts

Related Terms

gazump

To raise the selling price of something (especially property) after previously agreeing to a lower one

gazump

{f} raise the price of something (usually real estate or land) after a lower price has been agreed on; overcharge; rip off; ask for a price that is not reasonable

gazump

If you are gazumped by someone, they agree to sell their house to you, but then sell it to someone else who offers to pay a higher price. In France you cannot be gazumped + gazumping ga·zump·ing During the 1980s property boom, gazumping was common. if you are gazumped, the person who is selling you a house sells it to another person who offers them more money

gazump

To buy a property by bidding more than the price of an existing, accepted offer

gazump

rip off; ask an unreasonable price

gazump

raise the price of something after agreeing on a lower price