Gazumping refers to a situation where a buyer has verbally agreed to buy a property, but then the seller signs a contract with a second buyer before the agreement is finalised.
If you are gazumped, neither the real estate agent nor the seller is obliged to compensate you for any money you may have spent on legal advice, inspection reports, finance application costs or inquiries. However, your “expression of interest” payment (if you have paid one) must be refunded to you in full.
