The Letter of Reservation is a crucial preliminary document in Indian real estate transactions, commonly used when a potential buyer wishes to express serious interest in purchasing a property while finalizing the details of the full transaction. This document serves as a bridge between initial interest and the final sale agreement, typically involving payment of a reservation amount to secure the property. Used extensively in both residential and commercial property dealings, the Letter of Reservation helps prevent multiple bookings of the same property and provides both parties with initial security. The document must comply with Indian contract law principles and, where applicable, RERA regulations. It's particularly important in new development projects where properties are sold before completion, providing developers with commitment from buyers while giving buyers documentary evidence of their reservation.
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1. Date and Parties: Full names, addresses, and contact details of both the seller/developer and the prospective buyer
2. Property Details: Complete description of the property being reserved, including location, dimensions, unit number if applicable, and project details
3. Reservation Amount: Specification of the token/reservation amount paid, payment method, and acknowledgment of receipt
4. Duration of Reservation: Period for which the property will be reserved and timeline for proceeding to full sale agreement
5. Basic Terms: Preliminary terms including tentative sale price, payment structure, and any specific conditions
6. Refund Policy: Terms and conditions for refund of reservation amount in case the transaction doesn't proceed
7. Signatures: Space for signatures of all parties and witnesses
1. Project Specifications: Detailed specifications of the project/development - include when reserving under-construction property
2. RERA Compliance: Details of RERA registration and compliance - required for new developments
3. Payment Schedule: Tentative schedule of future payments - include when dealing with installment-based purchases
4. Maintenance Charges: Details of anticipated maintenance or society charges - relevant for apartment/complex properties
5. Parking Details: Specification of parking space allocation - include when parking is part of the reservation
6. Force Majeure: Conditions under which the reservation may be affected by circumstances beyond control - relevant for under-construction properties
1. Property Layout: Floor plan or layout diagram of the property being reserved
2. Payment Receipt: Copy of the receipt for the reservation amount paid
3. Identity Proof: Copies of identity documents of all parties
4. Property Documents: Basic property documents establishing ownership/development rights of the seller
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Property Development
Real Estate Investment
Commercial Property
Residential Property
Retail
Hospitality
Industrial Development
Urban Planning
Relevant Teams
Legal
Real Estate
Sales
Business Development
Compliance
Operations
Property Management
Investment
Project Development
Customer Relations
Relevant Roles
Real Estate Manager
Property Developer
Legal Counsel
Real Estate Agent
Property Manager
Sales Manager
Business Development Manager
Investment Manager
Compliance Officer
Real Estate Broker
Project Manager
Property Consultant
Transaction Manager
Operations Manager
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