By: creativemedia On: January 26, 2017 In: Seller Advice Comments: 0

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

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.

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.