What does under contract mean?
When buying a house what does under contract mean? Is it the same as under offer? If you’re a buyer or seller asking these questions, you’ve come to the right place!Here, we take a close look at...
Gazumping refers to when a seller verbally agrees to sell their property to one buyer but later accepts a higher offer from another buyer.
Gazumping refers to when a seller verbally agrees to sell their property to one buyer but later accepts a higher offer from another buyer. It can also refer to when the seller suddenly increases the asking price at the last moment, even though they had previously agreed to a lower price.
In Australia, gazumping is generally considered legal under certain conditions. Until the exchange of contracts, the seller still holds the right to accept higher offers, even if a verbal offer has been agreed upon.
It's essential to understand that only a signed and exchanged contract for the sale of the property is legally binding on the parties involved.
If a seller accepts another offer after the exchange of contracts, it can create a complex legal situation. Generally, once contracts are exchanged, both the buyer and the seller are legally bound to complete the transaction according to the terms outlined in the contract.
If the seller decides to accept a higher offer from another buyer after the exchange of contracts, the buyer can pursue litigation in court.
We work with agents who've adapted to the current climate to help you sell successfully.
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