Gazeal is an established UK company that brings together innovative property technology solutions for conveyancers and estate agents to simplify the house buying process in England and Wales to eliminate gazumping and agreed house deals falling through.
How does Gazeal improve the house buying process?
The Government believes 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 with residential property in England and Wales with a registered title – binds the seller and buyer to exchange contracts once the buyer has received a mortgage offer (if required) and their conveyancer has confirmed that the title is good and marketable.
Why is Gazeal’s process better?
Reservation Deposit Guarantee
The buyer will be liable to pay a deposit of 1% of the sale price to the seller if they default. However, upon payment of a small fee by the buyer, Gazeal will guarantee the buyer’s obligations with regard to the deposit. For the comfort of buyer and seller and their advisers, Gazeal will insure their potential liabilities under this guarantee so the seller’s conveyancer does not need to investigate the financial soundness of Gazeal when advising the client whether to accept the guarantee.* The seller will therefore know that the buyer is legally committed and that they will receive the deposit in the event of default by the buyer with no need to enforce, and (ii) the buyer will know that the seller is legally committed. This guarantee will mean that the buyer will not have to provide a deposit at a time when they may be financially stretched, but they will acknowledge that they will have an obligation to pay a refund of the deposit to Gazeal in the event that they default.
Gazeal prepares the seller’s contract pack up front – this includes title documents, a local search, drainage search, protocol forms and the contract. Gazeal sends this pack to the buyer (or their conveyancer) at the point of offer – eliminating any nasty surprises weeks into the transaction – so the buyer and their conveyancer are fully informed at the outset.
Once the buyer’s conveyancer confirms that the title is good and marketable, the buyer will, on completion, have the benefit of a title indemnity policy. Gazeal also offers a full range of indemnity policies to deal with most of the common defects and issues that might arise on a typical residential property transaction.
Gazeal has a simple, web-based IT platform for use by the agents and conveyancers for both the seller and buyer. It is straightforward and easy to use, and a firm just needs an internet connection to access it.
Click the button below to register for the series of webinars designed to provide conveyancers with the full information on the Gazeal service and Reservation Agreement.
* Underwritten by a licensed captive insurance company (protected cell with ring-fenced liability) which is 100% re-insured by A-rated security (AM Best).