Applies only to sales by private treaty as the benefit of buying at auction is that exchange of contracts is deemed to be on the fall of the gavel. Under English law, the price you agree on is not definite until the 'exchange of contracts'. Up until that time, either party can try and re-negotiate the terms of the contract and if the prospective purchaser attempts to lower the price this is called Gazundering.
This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.