GAZUMPING

In a "buoyant" property market it is common for there to be more than one buyer interested in a property, potential exists for out-bidding. When a rival offer is accepted or they are prepared to exchange contracts before you do, the process is known as Gazumping.

The result can mean that you have incurred the costs of any conveyancing or surveys on the property in question. In Scotland however, the properties are sold by tender.

GAZUNDERING

In a "depressed" property market there is a danger that the buyer may decide, at the last minute only to proceed with the sale if there is a price reduction, or they may have found a more suitable property. This is known as Gazundering. Until the contract is signed and exchanged, there is nothing other than a gentleman's agreement on the property, which allows either party to withdraw at will. (exception - Scotland)