Did you know that we can offer you a chance to secure your sale to a buyer with the industry’s leading reservation agreement?
What exactly does this mean?
It provides peace of mind for both buyer and seller, and it means there is no gazumping or gazundering. Once a price is agreed at the outset, a reservation agreement is signed by both parties and a bond is agreed by both seller and buyer. If either party pull out, the other party receives settlement of the bond amount agreed. Neither party will pull out of the transaction if they forfeit a sum of money.
Why would this help you?
Unlike an exchange of contracts, the Reservation Agreement is implemented at the point of a sale price being agreed. If a reservation agreement is not in place; both buyer and seller can change their mind at any point before exchange of contracts on everything from price to inclusions and even walk away from the sale – which happens in over 30% of property transactions causing great stress and expense to all those involved. The Reservation Agreement from Gazeal creates a binding agreement to ensure both parties proceed to exchange fairly and in a timely manner – giving more certainty and greater security to everyone.
Information is given to the buyer upfront
It is called the ‘Buyer Information Pack’ and is usually put together by the Sellers conveyancer when a buyer is found. Gazeal prepares this much earlier than is usual, so that the buyer can access it before agreeing and signing a reservation agreement . Typically it contains:
- Property Information Form.
- Fittings and Contents Form.
- Copy of the seller’s title registered at the Land Registry.
- Copy of any planning permissions, guarantees etc.
- Leasehold Information Pack (if applicable).
- Any other relevant documents the Seller wishes the Buyer to see, ie: copy of Broadband or Utility bill.
Who would it appeal to?
A multitude of people. Perhaps there’s a deadline for you to meet, and you need a committed buyer. Maybe you’ve had buyers pull out previously leaving you out of pocket. This works for buyers too, on both counts.