As approved by The Law Society & UK Government
“they lowered the offer at the last minute (gazunder)”
We have a solution....
Choosing a Sandersons Secure Sale prevents either party from just walking away or attempting to renegotiate the price and timescales after an offer is accepted without penalty.
Once the offer has been agreed, both buyer and vendor sign an agreement, the property is withdrawn from the market and both are bound by the terms within. If either party withdraws or breaks the agreement without a mutual agreement to change the terms, then the innocent party is entitled to a minimum £2,000 compensation payment.
This gives each party the reassurance that the other is committed to the process to ensure a successful sale. There is a cost involved, but it is comparatively very little when you factor in wasted time, legal costs, deposit for removals and any other plans you then have to change.
Please click below to view the full Reservation Agreement Guide for more information:
Gazeal is an established UK company that brings together innovative property technology solutions with conveyancers and estate agents to simplify the house buying process in England and Wales to eliminate gazumping and agreed house deals falling through.
The government has stated in their How to sell guide. that reservation agreements should be used for residential house sales and purchases. Gazeal has already developed a reservation agreement which is being used in the marketplace. The agreement – used on residential property in England and Wales with a registered title – binds the seller and buyer to exchange once the buyer has received a mortgage offer (if required) and their conveyancer has confirmed that the title is good and marketable.
- If the property is down-valued due to a survey and it cannot be re negotiated.
- If the chain breaks above the seller or below the buyer.
- If it is found to have a bad title by the solicitor
- If the buyer is unable to secure the finance
- Agreed timelines not been met & neither party wishes to continue
- any reason or special condition that has been agreed by both parties.
- In events where the sale cannot continue through no fault of either party, any fee paid will be refunded in full.
Please contact our teams if you are interested in selling your property with the reassurance of a Sandersons UK Secure Sale via Gazeal
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