The verb "gazump" means to ditch a sale agreement at the last minute in order to accept an higher offer. It came to prominence in Britain in the 1980s when rapid house price inflation increased the temptation for sellers to take advantage of the fact that under English law a sale agreement is not legally binding until signed written contracts are exchanged. The word is thought to have come from the Yiddish word gazumph meaning to swindle or overcharge, which became gangster slang in the 1920s. The 1980s, in its most obvious sense, was the decade between 1980 and 1989. ... English law is the law of England and Wales, rather than Scotland and Northern Ireland. ... Yiddish (ייִדיש, Jiddisch) is a Germanic language spoken by about four million Jews throughout the world. ... Sometimes referred to as the Jazz Age or primarily in North America and in Australia as the Roaring Twenties . In Europe it is sometimes refered to as the Golden Twenties. ...

With low property prices in the British residential property market of the late 1980s and early 1990s, gazumping became woefully commonplace in England and Wales where, under English law, a buyer's offer is not legally binding even after acceptance of the sale agreement by the vendor. When the owner accepts the offer on a property, the buyer has to spend money on a survey and on their solicitor's conveyancing work, but until contracts are exchanged either party can pull out at any time. Buyers have to wait on average 10-12 weeks to get the deeds to the property, and if the seller is tempted by a higher offer during this period it leaves the buyer disappointed and out of pocket. // Introduction The British residential property market has experienced massive price expansions over the past few years (starting around 2000/1) with house prices often expanding at a rate of 20 per cent per annum. ... The 1980s, in its most obvious sense, was the decade between 1980 and 1989. ... The 1990s refers to the years 1990 to 1999; the last decade of the 20th Century, but in an economical sense The Nineties is often considered to span from the fall of the Berlin Wall in November 1989 to the September 11 attacks in 2001. ... English law is the law of England and Wales, rather than Scotland and Northern Ireland. ... This article needs to be wikified. ... Conveyancing is the act of transferring the ownership of a property from one person to another. ...

As the property market experienced massive growth between 2000 and 2005, causing extremely high property prices, the practice of gazumping has become rare. The term gazundering has been coined for the opposite practice when the buyer waits until everybody is poised to exchange contracts before lowering the offer on the property, threatening the collapse of a whole chain of house sales waiting for the deal to go through. This article is about the year 2000. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ...

It is often said that Scots law and practice makes the problem of gazumping a rarity in Scotland as it is wrongly claimed that a verbal agreement on a property deal is legally binding. In the Scottish system of conveyancing buyers get their survey done before making a bid to the seller's solicitor. Sellers normally set a closing date for written offers, then provide written acceptance of the chosen bid. The agreement becomes binding when a seller's solicitor delivers a signed written acceptance of a buyer's offer. Should the seller attempt to accept a higher bid before the contracts have been legally finalised by a written offer and acceptance, their solicitor will refuse to act for them as this would be professional misconduct. The law is the same in Englnad and Scotland, as all contracts for the sale of land must be evidenced in writing signed by or on behalf of each party. In Scotland the parties' solicitors sign on their behalf, unlike in England, where buyer and seller both sign a contract which has been produced in duplicate form. These two duplicates are then exchanged to effect a binding contract. Scots law (or Scottish law) is the law of Scotland. ... Scottish Executive - official site of the Scottish Executive Scottish Parliament - official site of The Scottish Parliament BBC Scotland - Scottish history, news and travel pages from BBC The Gazetteer for Scotland - Extensive guide to the places and people of Scotland, by the Royal Scottish Geographical Society and University of Edinburgh Scotland...

The Scottish system in conveyancing makes gazumping a rarity in Scotland.

Gazundering is possible where the buyer has insufficient assets to be worth suing, but is not common.

External links

• What is gazumping?
• The Observer | Gazumping sweeps Britain
• The Guardian | Gazumping and gazundering
• Buyers Gazumping - Jenman Real Estate, AU