When the buyer blackmails the seller into accepting a lower offer just before contracts are about to be exchanged. Indemnity Guarantee Premium See Additional Security Fee. Joint Agents When the seller commissions two independent Estate Agents to sell their house Land Registry Carried out by the Solicitor to register buyer as the new owner of the house.
This describes the action of a buyer who, usually just before contracts are exchanged, says he will proceed only if the price is reduced. Both gazumping and gazundering are made possible by the fact that the parties are not legally obliged to sell or buy until contracts have been exchanged.
This is a practice by purchasers of lowering their initial bid for a property than was previously agreed.