Gazeal – Terms and Conditions for the Gazeal Service
Gazeal - Important – You must read this before agreeing to use this service
In order to provide the benefits of certainty at the earliest possible stage in the transaction the Seller, the Buyer and Gazeal enter into an agreement (“the Reservation Agreement”).
Seller and the Buyer agree a Mutual Financial Commitment and the Term of the Reservation Agreement. The Reservation Agreement provides that they make the Mutual Financial Commitment to each other that they will honour the offer agreed and not withdraw or accept a gazumping or gazundering offer during the Term. For a full explanation you should read the Reservation Agreement.
Rather than the Buyer and Seller paying the Mutual Financial Commitment to a third party Gazeal will Guarantee the performance of each party to the other in consideration of the Guarantee Fee.
These Terms and Conditions govern the relationship between you (“You” or “Your”), the other party (the Buyer or Seller as appropriate, referred to as the “Counterparty”) and Gazeal Limited (“Us”, “We” or “Our”), whose trading address is 35 Catherine Place, London SW1E 6DY.
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- By retaining Our services You are agreeing to these terms and conditions.
- In the course of Our service We shall provide You with access to IT systems via our Web Site that are designed to assist You and your Counterparty in the course of this transaction (“the Gazeal System”). We shall not be liable for the accuracy of veracity of any information provided the Counterparty or any third party that is communicated on the Gazeal System.
- Where You agree an offer to for the sale of a property (“the Property”) that is accepted then;
- We will finalise a version of the Reservation Agreement that includes the details of You, your Counterparty, the Property, the Mutual Financial Commitment and the Term.
- When You have agreed the amount of the Mutual Financial Commitment you will have been provided with a quote for the Guarantee Fee, to be paid by You on execution of the Reservation Agreement, and the Reservation Agreement shall be of no effect as between any of the Parties until the Guarantee Fee is paid and We confirm that the Guarantee is in effect.
- You will need a Solicitor or Licensed Conveyancer to act for You on the sale of the Property by/to You, and You agree that You will send them a copy of the executed Reservation Agreement with your instructions to them that these are the terms on which you have agreed to this sale.
- Any advice provided to You by Your Solicitor or Licensed Conveyancer instructed by You is pursuant to Your retainer with them, and We shall under no circumstances be liable for any advice provided by them or any failure to act on that advice.
- The Reservation Agreement provides for Arbitration to resolve any dispute regarding the obligations of each Party. If you wish to refer any matter to the Arbitrator you should instruct the Solicitor or Licensed Conveyancer acting for you on the sale to write to us with details of the dispute and we will provide them with copies of the Arbitration Rules that set out how such disputes are dealt with.
Consumer Protection: Because the subject of the Gazeal Agreement is the acquisition or disposal of an interest in immovable property this service is not covered by The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 (per para 6.(1)(c)). We have therefore set out your rights as clearly as possible within this notice and within the Terms and Conditions of our service.
Data Protection: Gazeal Limited is are registered with the Information Commissioners Office as a controller of Data and We hold this data in accordance with the General Data Protection Regulation 2016, and confirm that that any such data will be kept confidential and that used only for the purposes of Your transaction and will be held no longer than is necessary to enable us to perform the services that You have engaged us to perform.
