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Make Gazumping illegal

Submitted on Thursday 18th August 2011

Published on Friday 19th August 2011

Current status: Closed

Closed: Sunday 19th August 2012

Signatures: 51

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Make Gazumping illegal

Additional Information

Gazumping should be made illegal. (Gazumping refers to a property seller accepting a price verbally, but then accepting a higher offer before contracts have been exchanged). Current law governing the purchase of property and land interests was created with the intention of providing honesty and good faith in such transactions. However, the way that the law is structured, requiring a contract of sale to be completed in writing is open to abuse by vendors and estate agents and can leave people devastated and out of pocket.

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