Here you'll find the questions we hear all the time about Gazeal and the property exchange process. If you can't find what you're looking for here, check out our Property Tips section.
Gazeal is a new system for property sales that speeds up the conveyancing process, sometimes by weeks or even months. If the seller and buyer sign the Gazeal Reservation Agreement, they are bound into the offer once a deal is agreed. Neither side can walk away without penalty, ensuring security and peace of mind for buyer and seller.
The cost of using Gazeal is £250 each for buyer and the seller upon completion.*.
There's no catch! We've simply taken the nonsense out of the conveyancing process. All the key documents are produced up front, which speeds up the process. Then, both sides are legally bound to the deal, so no one can walk away without penalty. No time wasters, no stress, no surprises
Speak to your agent today to see whether you are able to use Gazeal.
A problem for buyers is gazumping. This is where another buyer sweeps in with a higher offer on a property after the seller has already accepted an offer elsewhere. This can leave the first buyer out of pocket and disappointed if they have already stated the conveyancing process.
Under the current system, gazumping is perfectly legal. Sellers naturally want to get the highest possible price for their property, leaving buyers at a disadvantage.
Gazeal saves you from being gazumped by locking seller and buyer into the agreement. The buyer and seller commit to the offer in a legally binding contract, called the Gazeal Reservation Agreement. This means that a seller cannot change their mind without penalty if another offer is made.
Protocol forms are standard forms used in the conveyancing proves and are completed by the seller. They include the Property Information Form, which gives a buyer practical information about the property (such as boundaries, disputes and guarantees) and the Fittings and Contents Form. This lists the items what are included in the sale price.
The contract pack is usually put together by the seller’s conveyancer. But if Gazeal is used, this will be prepared much earlier in the transaction by Gazeal to be ready for the buyer and their conveyancer once the buyer’s offer is accepted. The contract pack contains:
The buyer’s conveyancer will carry out certain searches against the property before exchange of contracts. This is to find out whether there are any problems that might mean that a buyer does not want to buy (or a lender does not want to take the property as security for a loan).
Typically, the standard searches are:
If Gazeal prepares the contract pack, the above searches are included in the pack so that the buyer and their conveyancer can check the searches at the point of offer.
This is the point in the conveyancing transaction when the seller and buyer are legally bound to buy the property. Their conveyancers will exchange contracts and at this point the moving date (known as the ‘completion date’) is fixed.
If the seller and buyer sign the Gazeal Reservation Agreement, they are committing to proceed with the transaction in accordance with the timeframes set out in the Agreement and they agree not to withdraw without penalty. The point of using the Gazeal Reservation Agreement is that the seller and buyer should reach the point of exchange of contracts much more quickly that in a normal transaction and they have the peace of mind of knowing that the other party cannot change the price or withdraw without penalty.
Gazeal makes the exchange process faster and easier for people looking to buy a property. Get more information up front so you know there are no surprises and exchange faster to get into your new home sooner.How Gazeal Can Help You
From the moment your property is listed, Gazeal gathers all the necessary information and searches. This massively speeds up the exchange process. Your deal can even be secured with our legal agreements.How Gazeal Can Help You
If you're an estate agent looking to improve your service using Gazeal, visit our dedicated agent website below.Visit Gazeal for Property Professionals