What is gazumping and gazanging?

Gazumping occurs when a seller of a property accepts an offer from one buyer only to then accept a higher offer from a second buyer. Unfair as this may seem, it is not illegal, as an agreement to buy or sell a property does not become legally binding until exchange of contracts.

Gazanging is when a seller pulls out of a property transaction and decides to stay put, having previously accepted an offer.

New laws could be introduced, to make it harder for property buyers and sellers to pull out of the house-buying process, in the months between offer and exchange.