Tag Archive: gazumping

Why the “cooling off laws” don’t prevent gazumping !

Posted on August 1, 2009 by | 2 Comments
              by George Rousos Director Industry Training Consultants george@itc.nsw.edu.au Statutory authorities must start exercising the same degree of care towards sellers as they do with buyers of properties. It was discovered and found on the NSW Office Of Fair Trading’s website, no cooling-off period  applies to sellers of properties once contracts have been exchanged, sellers are generally bound to complete the agreement. (See the article “Sale Contracts” on the website of the...

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Barry Plant Real Estate – "Gazumping" Clause

Posted on May 6, 2008 by | 8 Comments
          It would appear that Barry Plant Real Estate has adopted the tactic of having a “gazumping” clause inserted into real estate contracts. We again warn consumers against allowing estate agents to tamper with the contract. A “gazumping” clause is a special condition which is inserted into a purchaser’s offer by an estate agent. Effectively, it allows a latecomer to the sale to submit a “bid” to the vendor. If the...

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