Consider using Gazeal for a more assured sale

August 11th, 2021

A useful option for buyers and sellers looking for a more assured transaction is to work with Gazeal. They offer two services. They have an online portal where sellers can create a Buyer’s Information Pack in advance of their sale to speed up the process. This is free to use. They also administer Reservation Agreements which reduce the chance that either party will walk away or attempt to renegotiate the price after an offer is accepted. Gazeal is directly licensed by the Law Society and is bringing about a long overdue change to the house buying and selling process. Here’s how it works:

Step 1 – Gazeal helps the Seller to prepare a Buyer’s Information Pack

  • This service is completely free.
  • The Seller prepares their ‘Buyer’s Information Pack’ on Gazeal as soon as they decide to put their home on the market, before their solicitor asks for it, and before marketing commences.
  • The pack contains Land Registry Title Documentation, Fixtures, Contents, and Property Information forms (called TA forms).
  • Other documents can go in the pack, such as boiler servicing, damp warranties, planning permissions, etc. The more information the better!
  • If the Seller needs any assistance, I can help them to complete the information or scan and upload their documents to the pack.
  • The pack is hosted securely by Gazeal.
  • Additional documents can be added at any time.

Step 2 – the Buyer reviews the Buyer’s Information Pack

The Buyer can review all of this property information free of charge, using a private web link sent to them by us. They can even do this before committing to an offer. This allows them to make an informed, realistic decision. The Seller can enjoy peace of mind, knowing that the any offers they receive are serious and properly considered.

Step 3 – the Buyer’s Information Pack is shared with solicitors

Once an offer is agreed, the Buyer and the Seller instruct the solicitors or conveyancers of their choice. I send the Buyer’s Information Pack digitally to both parties on the same day, saving weeks on your transaction.

Step 3 – the Reservation Agreement

Optionally, Gazeal offers a higher level of certainty to my clients by providing a Reservation Agreement. Their system stops either party from walking away or attempting to renegotiate the price after an offer is accepted. Here’s how:

  • Once the offer has been agreed, both Buyer and Seller show their commitment to the deal by paying the appropriate reservation fee, and signing a reservation agreement.
  • If the seller wishes, signing this agreement can be stipulated as a condition which must be met before a property is formally withdrawn from the market.
  • The compensation levels range from £2,000 to £20,000. They are usually chosen to reflect the value of the property. The reservation fee at the lower end of the scale is completely affordable.
  • The fee is usually shared by the Buyer and Seller, but it can be paid in full by one party – the choice is yours.
  • Both parties are bound by the terms of the agreement. If either party withdraws and breaks the agreement then the innocent party is entitled to the agreed compensation payment.
  • Both parties enjoy security and peace of mind that the transaction is secure.

I am a Gazeal approved agent. Please do let me know if you would like to use Gazeal for your sale or purchase.

Bryan Mansell, Gazeal’s Co-Founder and CEO, explains the system in more detail in the two videos below.

For Sellers

For Buyers