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Gazumping
 

 

A slang expression used in the context of buying and selling real property, particularly houses. It denotes a situation where, having made a legally unenforceable promise to sell property to a prospective customer, a person makes a quick cash sale at a higher price to another party. The gazumping relates to the initiative of a buyer with ready cash who wants to jump the queue.

Reference: The Penguin Business Dictionary, 3rd edt.