Property guru Phil Spencer links up with property technology company Gazeal

Posted by Gazeal on 1st November 2019 -

Gazeal, the pioneering PropTech company that introduced digital legal packs upfront and legally binding reservation agreements into the residential property market, has been endorsed by Phil Spencer’s property advice website Move IQ.

Gazeal, which is led by property lawyer Duncan Samuel, will now be available for users of the property expert home-mover’s site Move iQ and across the market.

Even when the market is slow, at least 33% of transactions fall through costing buyers and sellers in the region of £270 million a year. With a Gazeal contract in place between buyer and seller which is signed after an offer has been agreed, it completely eliminates fall throughs.

Phil Spencer, founder of MoveiQ.co.uk and co-presenter of the long running show Location, Location, Location, said: “Whatever the market conditions, the real culprit is the legal blind spot in the way homes are bought and sold in England and Wales. A legal system that allows buyers or sellers to abandon a sale a day before the exchange has always been a point of contention.

“That’s why Move iQ has teamed up with Gazeal, who offer a legally enforceable contract at the very start of the process. Allowing sellers and buyers to agree a deal that has legal force right from the start; can spare weeks of uncertainty and prevent frustration and expense – all symptoms of gazumping and gazundering.

“Not only that but it’s also good for the traditional estate agent who can often be left with no fee despite committing huge amounts of time and effort on behalf of their client.”

In welcoming the collaboration Duncan Samuel, managing director, Gazeal said: “We have designed a system that’s cost effective for the buyer and seller and will save them the agony of fall throughs. We are delighted that such a prominent property expert as Phil Spencer via Move iQ, sees the value in what we are offering.”

“This is an agent friendlysystem, already embraced by several large estate agent chains. The contractgives both buyer and seller certainty, so you question that if a party doessign a Gazeal agreement – are they serious or just toe-dippers?’