This is similar to gazumping, except on this occasion it is the purchaser reducing his offer prior to exchange of contracts. It probably goes without saying that gazumping is more prevalent in an active market, and gazundering in a slow market.

A mortgage lender may require a borrower to appoint a guarantor. This is someone who promises to pay the borrower’s debt if the borrower defaults, could for example be a parent taking personal responsibility should their child default on payments.

Surveys and maps the features of the earth's surface for a wide variety of purposes. Activities extend to mapping large and sometimes remote areas of the world or the seabed for oil exploration, engineering construction, port development, etc.

 

Person who owes a third party a debt which is attached by court order for the benefit of a judgment creditor.

In the event of two people wishing to purchase the same property, one buyer may offer more than the other to tempt the seller into proceeding with him. This is despite the fact that the seller may have already accepted the other buyer’s offer, subject to contract.

When a person lets land to another and he then subsequently builds on the land, the rent passing is in respect of the land only and is therefore known as ground rent. The creation of Ground rents has been prohibited in Ireland.

This is the side wall of a house when it extends upwards into the inverted “V” of a pitched roof.

Intangible business asset based on the good reputation of a business and resulting attraction and confidence of repeat customers and connections. Part of the sale price of a business may be for goodwill, in which case the seller may not solicit former customers for his new business.

Act or omission in reckless disregard of the consequences for the safety or property of another; more than simple carelessness or neglect. Gross negligence by an employee may justify summary dismissal.

Person who pledges collateral for another's contract.