Legal dictionary
Gazumping
Occurs when a seller (usually of property) accepts a verbal offer on his/her property from one potential buyer, but then accepts a higher offer from someone else. It can also refer to the seller raising the selling price or asking for more money at the last minute, after previously verbally agreeing to a lower one. Some jurisdictions have passed legislation making offers on real property binding at an early stage during the process of buying a property.
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