Subjects - Buy/Sell a home - More food for thought - Lockout Agreements
A lockout agreement is a name that's often used for an agreement between people who are intending to buy and sell a house, and it's designed to try to prevent the possibility of gazumping or gazundering.
The idea is that the seller and the buyer, while they're still at an early stage in the conveyancing process, and so cannot yet reach a binding agreement to buy and sell the property concerned, nevertheless enter into a binding agreement not to sell the property to anybody else or negotiate with anybody else, or go off and find another property to buy, as the case may be.
It's designed to give a little bit more certainty to the housemoving process and not expose people to the risk of being left high and dry at the last minute by a party who pulls out of the transaction.
A lawyer will be able to advise you more on this.