The Reservation Fee Agreement serves as a preliminary contract in Philippine real estate transactions, used when a prospective buyer expresses serious interest in purchasing a property but needs time to arrange financing or complete due diligence. This document secures the property for the buyer while protecting both parties' interests during the reservation period. It typically includes details about the property, reservation fee amount, duration of the reservation, and conditions for proceeding with the sale or obtaining a refund. The agreement must comply with Philippine real estate laws and regulations, including the Civil Code, Maceda Law, and DHSUD guidelines. It forms part of the broader property purchase process and is commonly used in both residential and commercial real estate transactions throughout the Philippines.
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1. Parties: Identification of the Developer/Seller and the Prospective Buyer with complete details
2. Background: Brief context of the transaction and property being reserved
3. Definitions: Key terms used in the agreement including Property, Reservation Fee, Purchase Price, etc.
4. Property Details: Specific description of the property being reserved including location, size, and unit details
5. Reservation Fee: Amount of reservation fee, payment terms, and what it represents in relation to the total purchase price
6. Duration of Reservation: Period for which the property will be reserved and deadline for completing the purchase agreement
7. Rights and Obligations: Responsibilities of both parties during the reservation period
8. Terms of Purchase: Basic terms for the eventual purchase including total price and payment scheme
9. Cancellation and Refund: Conditions for cancellation and terms of refund in compliance with Maceda Law
10. Governing Law: Specification that the agreement is governed by Philippine law
11. Execution: Signature blocks and execution details
1. Broker/Agent Details: Include when a licensed real estate broker or agent is involved in the transaction
2. Co-buyer Provisions: Include when there are multiple buyers for the property
3. Financing Contingency: Include when buyer's purchase is contingent on obtaining financing
4. Assignment Rights: Include if the buyer is allowed to assign the reservation rights to another party
5. Special Conditions: Include when there are specific conditions or requirements unique to the transaction
1. Schedule A - Property Description: Detailed technical description of the property including lot plan, technical specifications, and amenities
2. Schedule B - Payment Details: Detailed breakdown of the reservation fee, total purchase price, and payment schedule
3. Schedule C - Property Documents: List of relevant property documents such as title details, tax declarations, etc.
4. Schedule D - Developer's Permits: Copies or details of relevant permits and licenses of the developer
5. Appendix 1 - Property Photos/Plans: Visual representations of the property including floor plans and photos if available
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