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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10594
Experience:  Barrister 17 years experience
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my daughter and son in law were iooking for their first home

Customer Question

my daughter and son in law were iooking for their first home ,they found it and were told that the sellers wanted 250,000 for it and the first buyers that got the servay would get the property which they did .the estate agent rung my son in law and said the house is yours then 4 hours later he phoned back and said you have been gazumped is that legal is there any way that can be over turned.
Submitted: 4 years ago.
Category: Law
Expert:  Buachaill replied 4 years ago.
1. Absent a lock-out agreement I am afraid the only remedy in the case of gazumping is to bid more than the other party. I regret to say that there is no law which prohibits competition in the house market. A buyer needs a signed exclusivity or lock out agreement if the buyer is to prevent someone else outbidding him. Under the Statute of Frauds, all agreements in relation to property must be in writing. So merely agreeing something verbally is not sufficient. I regret to say that this cannot be over turned legally.
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