Gazumping occurs when an agent or seller accepts your offer to buy a property at an agreed price but sells it to someone else, usually for a higher amount.
The agent must pass on any further offers until contracts are exchanged. In NSW, a sale is binding upon exchange, where both parties sign contracts and a deposit is usually paid.
If you’re gazumped, neither the agent nor the seller are obliged to compensate you for expenses like legal advice or inspection reports, but your expression of interest payment should be refunded.
