A common situation in any sales environment, however in property this usually means the vendor has an accepted an offer, only to accept a higher offer from another party (prior to exchange of contracts).

Upon purchasing a leasehold property, the owner is required to pay an annual sum to the Freeholder.

The mortgage lender may require a borrower to list a guarantor. In this instance, this is someone who would promise to pay the borrower’s debt if they are unable to do so themselves.