Can I be gazumped?
Gazumping is the activity whereby a third party makes a higher offer than an offer that has already been accepted by a seller/vendor of a property and the seller/vendor decides to sell the property to the person making the higher offer. The only way in which gazumping can be avoided is if the parties enter into a pre-contract agreement or Preliminary Agreement of Sale, which binds the parties on payment of a penalty to pass the contract on a given date.
