gazump

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Gazump

In the sale of real estate, the unexpected raising of the price immediately before the deal closes. That is, after the parties have agreed to the price but before they have signed the appropriate papers, the seller may decide to raise the price. This surprise move is called a gazump. See also: Gazunder.
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gazump

An action by a seller to increase the purchase price of goods or property after the buyer is emotionally invested but immediately before the paperwork is signed. Contrast with gazunder.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.