Is Gazumping Legal?

Is Gazumping Legal?
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  1. Hey Aakash, this would totally depend upon where this event occur. If you see it happening in England or Wales then yes it is absolutely legal. It could be because an agreement to buy or sell a property is not legally binding until the contracts are written and exchanged. Until this exchange occurs, the 2 parties cannot be held to a previous verbal agreement. Broadly speaking, you can be gazumped if the seller rejects your offer in favour of another buyer’s for any reason, not necessarily money. For instance, if you are experiencing delays with your mortgage application, the seller may decide to accept an alternative offer from a buyer who already has a mortgage offer in place, in order to facilitate a quicker sale.

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