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gazump

 - 2 dictionary results

ga⋅zump

[guh-zuhmp] British Slang.
–verb (used with object)
1. to cheat (a house buyer) by raising the price, at the time a contract is to be signed, over the amount originally agreed upon.
–noun
2. an act of gazumping.

Origin:
1925–30; earlier gazoomph to swindle, argot word of uncert. orig.


ga⋅zump⋅er, noun
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2010.
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Financial Dictionary

Gazump

A situation in which the price for real estate or land is raised to a higher price than what was previously verbally agreed upon.

Investopedia Commentary

Basically, raising the price just before the papers are signed and the deal is delivered.

Related Links

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See also: Gazunder, Land, Property, Real Estate

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