Is gazumping legal and can I claim back the £1000 I spent getting a survey done, or am I gonna have to resort to the old tactic of introducing Mr. Vendor to Mr Baseball Bat??
2006-09-05 08:21:16 · 17 answers · asked by england til i die 3 in Business & Finance ➔ Renting & Real Estate
It's a yiddish word. Legal but not very nice, although sometimes the purchasers ask for it. There will always be the type who make an offer then sit back and do nothing except save up the deposit. Meanwhile the property goes up 10% or more.
2006-09-05 09:06:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
In England and Wales a buyer's offer is not legally binding even after acceptance of the offer by the vendor.
When the owner accepts the offer on a property, the buyer will usually not yet have commissioned a building survey nor will the buyer have yet had the opportunity to perform recommended legal checks. So, until written contracts are exchanged either party can pull out at any time.
In the Scotland buyers get their survey done before making a bid to the seller's solicitor so the problem of gazumping is rare there.
2006-09-05 08:30:45 · answer #2 · answered by Jay 6 · 0⤊ 0⤋
Gazumping is not illegal unfortunately but it is frowned upon in the property business. However, last time I checked, the use of a baseball bat on the vendor in any way other than in a friendly game of baseball is not so legal!!
It's no different to a vendor pulling out of the deal at the last minute, it's legal to do so but extemely annoying when you have spent time and effort on the purchase.
2006-09-06 05:50:36 · answer #3 · answered by Lewiy 3 · 0⤊ 0⤋
I had to look up what gazumping was. Looks like the ol' ball bat's going to have to come out. Sounds like things aren't finalized until all the t's are crossed and the i's are dotted which takes 10-12 weeks. I know here in America (or Texas at least) the survey isn't ordered until after closing. Nothing is final until your signature is on paper and any money put up is your loss. Sorry :(
http://en.wikipedia.org/wiki/Gazumping
2006-09-05 08:30:05 · answer #4 · answered by Casey M 2 · 0⤊ 0⤋
The house is only legally yours, when the contracts are signed.
However, when you have submitted an offer, the seller has accepted it, this is known as a verbal contract. Your estate agents are very bad if they have taken other offers. I know that they want to get the highest commission possible, but a verbal contract should be an almost done deal.
But like I say, you do get some wankers out there. It's terrible when they say they've accepted a higher offer, and you've already forked out. Maybe consider going higher. Unless you think they're lying and just trying to inflate the price.
2006-09-05 12:21:01 · answer #5 · answered by Crystal 3 · 0⤊ 0⤋
Sorry, although its unfair I know for a fact its legal, out of order, but legal. You can either gazump the gazumper, or take it on the chin.
Sorry!
2006-09-06 01:16:24 · answer #6 · answered by keiraebony 3 · 0⤊ 0⤋
BE CAREFUL since maybe they just want to inflate the price and they are taking advantage of you. Property prices are generally FALLING now and only rising in some areas so do not be intimidated by their selfishness ! Like a used car, threaten to walk away, from the deal, they will reduce the price back down and maybe you can offer less as they wasted your time and emotions with their dishonest nonsense (even though it is technically legal).
2006-09-08 09:50:19 · answer #7 · answered by Love life and share happiness 3 · 0⤊ 0⤋
Gazumping is legal as long as you've not exchanged contracts yet.
2006-09-06 01:38:00 · answer #8 · answered by scallywag 4 · 0⤊ 0⤋
what does the word "gazumping" Mean,
Tell Us And We Can Answer Your Question.
2006-09-05 08:23:38 · answer #9 · answered by Spaghetti MY 5 · 1⤊ 0⤋
It is legal if not very ethical, and theres nothing you can do if you have spent out loads of dosh on surveys etc.. thats the risk you take when you try buying a home
2006-09-05 08:23:12 · answer #10 · answered by lizarddd 6 · 1⤊ 0⤋