Gazumping Prevention

Real Estate Agent with RE/MAX Select NJ# 9483506

Gazumping is British slang for seller bouncing buyer for better offer after acceptance.  In NJ we have an additonal provisions space in our standard contract blank.  Although my entry there has moral weight only, and is not legally binding because the whole contract isn't binding in NJ until the Attorney Review is over, I still like to have the sellers (many of whom are honorable people) sign below the following:

"Upon signing by all parties, the buyers agree to desist from viewing any more properties or making any other offers and the sellers agree to desist from showing the property nor to entertain any other offer."

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Comments (1)

Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

Never heard that terms before  - one learns something new every day.

Mar 28, 2010 09:30 AM

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