Penalties proposed in Jersey for gazumping and gazundering, but what are they?

A Jersey politician has lodged a proposition to make pre-sale agreements compulsory in law, in an attempt to prevent gazumping and gazundering.

Deputy Max Andrews wants a financial penalty paid "by the seller or purchaser should they default on the agreement" without a "legitimate reason".

He believes it would stop islanders from losing thousands of pounds when buying or selling a home.

But what are gazumping and gazundering? Find out below:

What is gazumping?

Gazumping happens when a higher offer on a property is accepted, despite the fact that a price had already been agreed with someone else.

This can happen right up until the sale is approved in the Royal Court and cause emotional and financial damage.

Someone not in a property chain, like a cash buyer, can come in at the la