Bid to outlaw gazumping and gazundering in IoM property market

MLC wants to 'curtail' the practices

A bid to outlaw the practices of gazumping and gazundering in the property market is being launched by a member of the Legislative Council.

Gary Clueit is seeking leave to introduce a Private Member's Bill designed to curtail the practices.

Gazumping is when a seller agrees a buyer's offer but later accepts a higher one before the exchange of legal contracts.

Gazundering is when a buyer lowers their offer at the last minute potentially threatening the sale.

Mr Clueit told Manx Radio he believes a change in the law is overdue.

He’ll ask for permission during the sitting of the Legislative Council on Tuesday (30 June).

His motion reads as follows:

"That leave be given to introduce a Private Member's Bill to make provision to curtail the practises commonly known as gazumping and gazundering in the sale and purchase of residential property on the Island; to establish an earlier point at which the sales of residential property becomes legally binding; to require sellers to provide required information before a property is marketed; to provide for financial consequences where a party withdraws from, or seeks to vary the price of, an agreed transaction otherwise than on permitted grounds; and for connected purposes."

You can find the Order Paper for the sitting HERE.