Reservation Agreements

Both the buyer and the Seller pay a Reservation Fee typically £250 + VAT. This secures a £2,000 commitment to you both from each other. The reservation fee and commitment can vary. This amount represents the minimum fee and level of commitment.

Gazeal will be responsible to make the payment to the innocent party and then recover it from the defaulting party.

Although the amount of £250+ VAT is low, both parties are committed to a min of £2,000 if either breaks the agreement. These amounts can vary.

There are numerous reasons for the Seller to withdraw without the potential liability such as:
Incorrect information given by the Buyer as to their position. Agreed timescales not met by the Buyer. Chain Break Down below the Buyer. General reasons agreed by Mutual Consent’ with the Buyer

There is no problem with delays as long as they are communicated to each party. The Reservation Agreement can be extended by ‘Mutual Consent’ at any stage.

Once complete then the Buyer can start the agreement by making their Reservation Fee payment. If at any point the chain collapses then the agreement simply ‘PAUSES’. The agreement is NOT DEPENDENT ON ALL OF THE CHAIN having a reservation agreement.

All pre-set timescales can be extended by ‘Mutual Consent’. In the absence of ‘Mutual Consent’ either party can walk away, without penalty, if there is no extension agreed.