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baddestbunny
18:46
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Simple English definitions for legal terms
gazumping
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A quick definition of gazumping:
Term: Gazumping
Definition: Gazumping is when someone sells a house to someone else for a higher price after they have already agreed to sell it to someone else for a lower price. This is not fair and can be very upsetting for the person who thought they were going to buy the house. It can happen when the seller changes their mind or when someone else offers more money.
A more thorough explanation:
Definition: Gazumping is a slang term used in British English to describe the improper sale of a house. This usually happens when a seller raises the price of the house after accepting an offer from a buyer. It can also occur when a competing buyer makes a higher bid than the one already accepted, causing the seller to back out of the earlier contract.
Example 1: John made an offer on a house for £200,000, and the seller accepted it. However, a few days later, the seller received a higher offer from another buyer and decided to sell the house to them instead. This is an example of gazumping.
Example 2: Sarah was in the process of buying a house when the seller suddenly raised the price by £10,000. Sarah had already paid for a survey and legal fees, but the seller refused to sell the house for the original price. This is another example of gazumping.
These examples illustrate how gazumping can be a frustrating and unfair experience for buyers who have already invested time and money into the buying process. It can also create a sense of distrust between buyers and sellers, making it harder for people to buy and sell houses in the future.