gazumping

noun

  • Real Estate Law
  • Property Law

Definitions of gazumping

  • (UK) the act of making a higher offer for a property (eg a flat or a house) than someone whose offer has already been accepted by the seller, and because of this higher offer to succeed in buying the property. In some jurisdictions, this is possible. However, other jurisdictions have passed legislation making offers on houses binding at an earlier stage during the process of buying a property.

    Buyers in London and the south east are the most likely to be the victims of gazumping.

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Phrase Bank for gazumping

Additional Notes for gazumping