Glossary G

Many buyers have been extremely frustrated with a practice known as gazumping. This is when the seller verbally agrees on a price for a property but then later advises you that someone else wants to buy the home and has offered more money. In some occasions you are given the chance to match or better the increased offer. In most cases, the home is sold for the increased price without you even knowing about it.

This is when someone agrees to be responsible for the payment of another person’s debts should they default on their repayments.

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