The Reservation Deposit Agreement is a crucial document in Philippine real estate transactions, serving as a preliminary contract between property developers/sellers and potential buyers. This agreement is typically used when a buyer expresses serious interest in purchasing a property but requires time to arrange financing or conduct due diligence. The document secures the property for the potential buyer through a deposit payment while establishing clear terms for the reservation period, potential conversion to sale, and possible refund conditions. It's particularly common in pre-selling arrangements for condominiums, house and lot packages, and commercial properties. The agreement must comply with Philippine real estate laws, including the Civil Code, Real Estate Service Act, and relevant consumer protection regulations. It provides legal protection for both parties by clearly defining their rights and obligations during the reservation period.
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1. Parties: Identification of the property owner/developer and the prospective buyer, including complete details and addresses
2. Background: Context of the agreement, including brief description of the property and purpose of the reservation
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Specific description of the property being reserved, including exact location and characteristics
5. Reservation Deposit: Amount of deposit, payment terms, and confirmation of receipt
6. Reservation Period: Duration of the reservation and any conditions attached to it
7. Rights and Obligations: Detailed responsibilities of both parties during the reservation period
8. Conversion to Sale: Process and conditions for converting the reservation into a full sale agreement
9. Refund Provisions: Circumstances under which the deposit may be refunded or forfeited
10. Termination: Conditions and process for terminating the reservation agreement
11. Governing Law: Specification of Philippine law as governing law and jurisdiction
12. Execution: Signature blocks and execution details
1. Assignment: Include when the right to assign the reservation to another party needs to be addressed
2. Force Majeure: Include when specific circumstances beyond parties' control need to be addressed
3. Broker/Agent Details: Include when a real estate broker or agent is involved in the transaction
4. Special Payment Terms: Include when there are installment payments or special payment arrangements for the deposit
5. Construction Timeline: Include for off-plan properties where construction completion is relevant to the reservation
6. Multiple Buyer Provisions: Include when there are multiple buyers making the reservation
1. Property Details Schedule: Detailed technical description of the property, including floor plans, lot area, and technical specifications
2. Payment Schedule: Detailed breakdown of payment terms and dates if applicable
3. Property Documents: List of relevant property documents such as title details, tax declarations, and permits
4. Buyer's Information Sheet: Detailed information about the buyer(s) including contact details and identification
5. Property Photos and Plans: Visual documentation of the property or architectural plans for off-plan properties
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