The Purple Pact for buyers
Secure your offer with a small holding deposit – and enjoy rolling all the way to completion.
Buying with the Purple Pact
Buying a home is loaded with scary stories – juggling big finances, offers falling through, being gazumped. We get it; it can be stressful. That’s why we’re always finding ways to give both the buyers and sellers certainty – and fewer sleepless nights.
With the Purple Pact, buyers and sellers can commit to a sale early, which legally locks in an offer. It’s proven to prevent last-minute withdrawals and wasted time, with fewer than 5% of sales falling through with the Pact via Gazeal.
Gazumping, be gone
If you’ve ever been gazumped before, you know how frustrating it is. If you haven’t, it’s where someone makes a higher offer on a house, and the seller accepts. Your decent, once-accepted offer falls flat.
The Purple Pact is a gazumping-free zone. That means once a buyer and seller enter into a Pact, all other offers are automatically declined, and their home is taken off the market.
Lock in your offer with a small deposit
Found a property you just have to have? We’ve all been there. With the Purple Pact, you can reserve a property with a small holding deposit. Send in your offer and opt into the Pact (it’s optional – always your choice). The seller will then see you’re serious about the sale.
Keep the sale moving with a £500 holding deposit. When the sale completes, you’ll receive £350 back in your account. Put it towards your sale or stash it away for a new TV or a giant haul of pick-n-mix. We don’t judge.
How does it work?
1.
When you make an offer through Purplebricks, you can choose to opt into the Pact.
2.
If your offer is formally accepted, your spot’s secured and the home comes off the market.
3.
Our partner, Gazeal, contacts you and the seller to arrange the Pact and secure the sale until completion.
4.
The chain keeps moving. Fewer than 5% of property sales fall through with the Pact via Gazeal.
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FAQs for buyers
Have you ever fallen head over heels for a property you’ve viewed and know you just have to have it?
Or maybe you’ve been the victim of gazumping before and want to make sure your accepted offer has more protection.
With Purple Pact, your commitment to the sale can be locked in. With our Pact, buyers show that they’re serious, and it can help to keep the sale moving forward. It’s a ticket to the front of the line for the property, helping both the buyer and seller roll towards completion.
With Purple Pact, handled by Gazeal, you put forward a £500 holding deposit (if you and the seller opt in, and your offer is accepted). When the sale completes, you get £350 refunded back to your account.
That means it’s just £150 for exclusivity to the property, potentially saving you thousands in failed transaction fees such as legal and survey costs. For the serious buyer, it’s a sure way to show your commitment – all for a small holding deposit.
If the seller withdraws their property and the sale can’t go ahead, you get all of your holding deposit back.
If you decide to back out of the sale, Gazeal have made it so you can get your deposit back for an allowable reason. These include serious property defects, failure to secure financing, defective titles, substantial changes to agreed terms, death of a party, and other special conditions.
If you’re not sure, get in touch with Gazeal who arranges the Pact.