the seller's solicitor. Often they result from the legal requirement on the part of estate agents to advise a seller of any higher offer received prior to written confirmation of an orally accepted offer being given, including those received after a closing date. In Scotland, gazundering is possible where the buyer has insufficient assets to be worth suing, but is not common. United States The term gazumping is not used in the United States. Every state has different laws and traditions, but buyers typically make a written offer that, when accepted (signed) by the seller, is in most localities binding on the seller. This is known as a "purchase and sale" contract, which may have conditions. U.S. residential purchase contracts typically contain an inspection clause, a short period during which the buyer can inspect the property and back out of the contract with the full return of the earnest money, if the property does not pass the buyer's inspections. The seller, however, cannot, except in some states, back out during the inspection period. New Jersey is one state where the seller has a "legal review" period, during which they can back out of an accepted contract. Gazundering "Gazundering" is where a prospective buyer (especially of a property) offers to buy the property at an agreed price but subsequently threatens to withdraw the offer unless the seller agrees to a lower price. There are two circumstances where this happens: In a falling market, where the value of the property has fallen significantly in the period between the initial agreement and the expected sale date. Just before formal contracts are signed, when the buyer believes the seller is in a weak position (a practice is generally perceived as unethical). The seller could be in a weak position, having entered into other commitments such as a chain and would be very reluctant to pull out. See also Re-trade References External links TheMoveChannel - What is gazumping? The Observer|Gazumping sweeps Britain Definition of Gazumping and how to protect against Gazumping The Guardian|Gazumping and gazundering Buyers Gazumping - Jenman Real Estate, AU Housing in the United Kingdom Property law