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Legal Terms - Gazump
To increase the price of, or accept a superior offer for, land or structures for which a sale price has been established but no legally binding contract has yet been executed (see to exchange of contracts). The prospective buyer possesses no legal entitlement to compel the seller to transact at the agreed price or to reclaim incurred expenses (including surveyor and attorney fees) until a formal agreement, such as a lock-out agreement, has been executed. The technique where a buyer decreases a negotiated offer just prior to the exchange of contracts is termed gazundering.
To increase the price of, or accept a superior offer for, land or structures for which a sale price has been established but no legally binding contract has yet been executed (see to exchange of contracts). The prospective buyer possesses no legal entitlement to compel the seller to transact at the agreed price or to reclaim incurred expenses (including surveyor and attorney fees) until a formal agreement, such as a lock-out agreement, has been executed. The technique where a buyer decreases a negotiated offer just prior to the exchange of contracts is termed gazundering.
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