Subject to Contract: The term used to cover the period after a Price has been agreed by the Buyer and Seller, but before a formal exchange of contracts make the sale and purchase legally binding.
Gazumping: Is where a SELLER accepts a higher offer from someone else.
Gazumping can occur at any time, but Gazundering is most likely just before an Exchange of Contracts to ensure maximum advantage for the Buyer.
Gazumping occurs in a rising Housing Market; Gazundering occurs in a falling Housing Market.
The Seller gives up possession of the property to the Buyer in return for the balance of the purchase price.
Contract Rate: A penalty rate of interest, payable by either the seller or the buyer, if the sale or purchase does not complete on the Completion Date.
Property Information Form: A questionnaire completed by the Seller which gives information about the property such as extensions, rights of way, disputes and flooding.
Ground Rent: Annual payments made to a Landlord. Applies only to leasehold properties. Not to be confused with a Rentcharge.
Tenure: The Legal Title to a Property can be either Freehold or Leasehold.
Deed of Variation: A Deed that changes the terms of a Lease.
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