cancelling at the last minute
Gazeal is a new system for property sales, which binds both parties when they are ready to agree a deal. Neither side can walk away, or move the goalposts.
This new process eliminates gazumping.
High Risks, High Stress, High Costs
In England & Wales, an agreement to buy or sell a house is worthless until Exchange of Contracts. Until then, it is not legally binding. The conveyancing process takes weeks, and while the lawyers do their checks, problems arise. Beware:
your wasted time & expense cannot be recovered
the price goes up, despite your agreement
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New Title Escrow Service
Gazeal protects both sides by putting the Title into Escrow pending Exchange. It’s like holding a Title in Trust, subject to the terms of your deal.
UK Property Ombudsman’s View
“If buyers and sellers enter into the Gazeal agreement this will reduce the risk and make the sale more certain to complete. This must be in the consumer’s interest and as such I would welcome such a move.”
Bill McClintock, Ombudsman Board Chairman
The Gazeal Process
sale legally binding when the deal is agreed