Sample Form
Reservation Agreement
Takes a property or unit off the market for a reservation period, crediting the fee against the price and stating refund rules.
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This document is a sample for reference and education only. It is not legal advice, has not been reviewed by counsel for your specific transaction, and every page carries a SAMPLE watermark. Consult a licensed Philippine attorney or notary public before using any agreement.
What it is
A short agreement that takes a property or unit off the market while the buyer completes due diligence and requirements. The reservation fee is credited against the purchase price if the sale proceeds, and the agreement states exactly when the fee is refundable.
When to use it
Common for condominium units, preselling projects, and high-demand listings where the buyer needs days — not months — to complete paperwork, secure financing, or finalize a decision without losing the property to other buyers.
Key points to check
- States the reservation fee and requires an official receipt
- Defines the reservation period, commonly thirty (30) calendar days
- Credits the fee in full against the down payment or purchase price
- Refunds the fee if title defects or seller default surface; forfeits it on buyer withdrawal
- Makes clear that the agreement alone does not convey ownership or possession