The Letter of Reservation is a crucial preliminary document in Maltese property transactions, typically used when a potential buyer wishes to secure their interest in a property before proceeding to a formal Promise of Sale agreement. This document is particularly common in new developments or off-plan properties in Malta, where buyers need to demonstrate serious intent and secure their chosen unit. The Letter of Reservation includes essential details such as the property description, reservation fee amount, validity period, and basic terms of the intended purchase. It provides security for both parties: the buyer gains exclusive rights to purchase within the specified timeframe, while the seller/developer receives a commitment backed by a reservation fee. Under Maltese law, this document serves as a stepping stone to the more detailed Promise of Sale agreement (konvenju), allowing time for due diligence and financing arrangements.
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1. Identification of Parties: Full legal names, addresses, and identification numbers of both the prospective buyer and the seller/developer
2. Property Details: Precise description of the property being reserved, including address, boundaries, and any relevant reference numbers
3. Reservation Terms: The period for which the property will be reserved and conditions of the reservation
4. Reservation Fee: Amount of the reservation fee, payment terms, and conditions for refund or forfeiture
5. Purchase Price: The agreed total purchase price for the property and any conditions attached
6. Validity Period: Duration of the reservation and deadline for signing the promise of sale agreement
7. Signatures and Date: Space for parties to sign and date the document
1. Special Conditions: Any specific conditions or requirements requested by either party, used when there are non-standard terms
2. Payment Schedule: Detailed breakdown of future payments, used particularly for off-plan properties or when staged payments are agreed
3. Property Specifications: Detailed description of property features and finishes, particularly relevant for properties under construction
4. Agent Details: Information about any real estate agents involved, required when the reservation is made through an agent
1. Property Plans: Floor plans, site plans or drawings of the property, particularly important for off-plan properties
2. Specification Sheet: Detailed list of included fixtures, fittings, and finishes, especially relevant for new developments
3. Payment Timeline: Detailed schedule of payment dates and amounts, used when complex payment structures are involved
4. Property Photos: Current photographs of the property or renders for off-plan properties, when available
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