Worried that the other party in your property transaction is not committed?
Concerned about making an offer and the sale not going through? Concerned about accepting an offer and a buyer not proceeding? Fear no more! The Norfolk Agents can protect both buyers and sellers with their fantastic anti Gazumping /Gazundering reservation agreement.
The Norfolk Agents are really pleased to team up with Gazeal to offer both buyers and sellers the opportunity to add more security in their sale and purchase by entering into a Law Society approved reservation agreement.
Every year 30% of property transactions collapse costing buyers and sellers thousands. I am sure you have all heard some of the horror stories! We want to change that and by trusting The Norfolk Agents to sell or buy your most valuable asset you can secure your sale or purchase with certainty, transparency and security.
So what is a 'Reservation Agreement'?
A Reservation Agreement is an agreement between the Buyer and Seller. The Buyer reserves the right to purchase the property and the Seller agrees not to sell to another party. If either breaks the agreement they agree to pay the other party a compensation amount. This protects the Buyer from being gazumped and the Seller from gazundering. More importantly the sale proceeds with both Seller and Buyer committed to each other subject to contract!
How long is the agreement for?
The term of the agreement is set by both parties prior to the start of the agreement and can be any time up to six months. It helps keep both parties working towards an agreed timeline. Seller and buyer should exchange contracts before the expiry date.
How much does it cost?
Neither party have to pay the compensation amount upfront. Instead a guarantee is provided to pay the compensation in the event that an agreement in broken. The fee for this guarantee starts from as little as £600 inc vat and guarantee amounts can be up to £50,000!
Interested and want to find out more? Contact Shane or The Norfolk Agents Team to discuss how a reservation agreement can help secure your purchase or sale without stress!!