Gazumping

When a vendor or their agent accepts a buyer's offer but then sells the property to someone else — usually for a higher price — before contracts are exchanged. Legal in NSW because an accepted offe...

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Verified facts

• referenceDefinition: {"term":"Gazumping","definition":"When a vendor or their agent accepts a buyer's offer but then sells the property to someone else — usually for a higher price — before contracts are exchanged. Legal in NSW because an accepted offer is not binding until exchange; the usual protection is exchanging contracts as quickly as possible.","primarySource":"https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw/making-an-offer-on-a-property"}