Gazeal produces the entire contract pack when the property is listed for sale with the agent.
This is at no cost to the seller or to the agent.The pack includes: the contract, the registers of title (and any documents referred to), OC1, title plan, Property Information Form, Fittings and Contents Form, Leasehold Information Form, Local Search, Con29 DW, Con29M, Planning, Environmental and Drainage.
When the agent finds a buyer who is serious about making an offer, the contact pack is sent to the buyer.The buyer can learn everything about the property and can ask his conveyancer to review the contract pack.
The buyer puts in his offer via Gazeal’s online system.
If the seller accepts the offer, the parties can sign the Reservation Agreement – although they do not have to.
The effect of this is that the buyer is committing to buy the property, as represented, subject to:
(a) a small fee to allow Gazeal to guarantee a reservation deposit
(b) a cooling-off period
(c) mortgage finance and
(d) good title
The real benefit of the Reservation Agreement is that it ensures transparency between the parties on key information – for example, if a buyer wants to withdraw because the lender has down valued the property, unless he produces evidence of the down-valuation, he will be in default. He cannot just walk away with no consequence as is possible at the moment.