GI loan
GNP
GRI
GRM
Gable roof
Gain
Gambrel roof
Gap
Gap loan
Garden apartments
Gated community
Gazebo
Gazumping
General agent
General contractor
General lien
General mortgage bond
General partner
General partnership
General real estate tax
General warranty deed
Generally Accepted Accounting Principles, GAAP
Gentrification
Geographic
Georgian
Gift deed
Gift tax
Ginnie Mae
Girder
Good and marketable title
Good consideration
Good faith
Good faith estimate
Good faith mortgagee
Good faith purchaser
Goodwill
Government National Mortgage Association, GNMA
Government check
Government lot
Government survey system
Grace Period
Grade
Gradient
Grading
Graduate Realtors Institute, GRI
Graduated lease
Graduated payment loan
Grandfather clause
Grant
Grant deed
Grantee
Granting clause
Grantor
Gratuitous agent
Greenbelt
Grid
Gridiron pattern
Gross Domestic Product
Gross Domestic Product, GDP
Gross National Product,GNP
Gross Rent Multiplier, GRM
Gross annual multiplier
Gross area
Gross income
Gross income multiplier
Gross lease
Gross leaseable area
Gross margin
Gross profits
Gross rate
Gross rent
Gross rentable area
Gross revenue
Gross sales
Ground fault interrupter, GFI
Ground lease
Ground rent
Group home
Growing-equity loan
Guarantee of title
Guaranteed inventory
Guaranteed mortgage
Guaranteed sale
Guaranty
Guardian
Guide meridians
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You chose: Gazumping
A slang term to describe the practice of reneging on an oral commitment to buy or sell a property because a better offer or opportunity was presented after the oral commitment was made but before a legal sales contract was consummated.
Example: Gazumping can be a big problem in areas where a formal sales contract is signed only after the buyer has thoroughly investigated the property. The buyer may have invested much time and money in the due diligence process, yet lose out if the seller gets a better offer It can also work in reverse. The buyer may renege after the seller has held the property off the market. The seller may valuable exposure time during the peak marketing season.
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