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Murdoch's Term of the Week: Gazumping

With the Premier League summer transfer window set to open this week, here is a phrase you might see repeated ad nauseum in football podcasts and columns alike over the next few months as Europe's elite teams compete for the signatures of up and coming players.

 

Gazumping

Popularly understood to describe the situation in which a vendor of a house which is sold subject to contract, withdraws from the sale or threatens to do so, in expectation of receiving a higher price elsewhere. A Supreme Court judge has expressed the view that he would prefer that the occasional gazumper go unbound rather than that people be involved in needless uncertainty leading often to long drawn out litigation: O’Flaherty J in Boyle & Boyle v Lee & Goyns [1992 SC] ILRM 65.

The Law Reform Commission has made recommendations to control gazumping. One recommendation was that advertisements of houses in new developments should specify the number of houses offered for sale at each price level and the period for which this price is fixed. See LRC Report on Gazumping (LRC 59 - 1999). 

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