Posted on July 21, 2020 by The Marketing

At some point in your lifetime, you may make your first real estate purchase or know anyone who would. If you’re a first-time buyer, the process may seem tedious but there are various FAQs online that are easily available for better guidance. A lot of people simply signs this document without reading thoroughly but that’s a major watch out in any real estate purchase.

Reservation Agreement Form

The form is a written and legal agreement stating all points that should be well understood by the buyer. It provides the Buyer’s rights during and after the reservation of the property. Most importantly, it covers all the terms, conditions, requirements, and other necessary documents and actions to comply with the buyer’s end and the seller.

As you fill-up the form, it is necessary that you only provide valid and true information, details, and documents. Always recheck and validate everything prior to signing and submission. Given that you have submitted the form and want to update your information, you are obliged to inform the Seller of any changes, may it be personal information or documents. This information is vital for the Seller as they proceed for the processing of documents and contracts after the first equity payment has been made.  Any miscommunicated or unclear information provided causes delays in the processing of title and tax declaration and we wouldn’t want that for you. So, recheck everything before you submit.  

It’s important that you thoroughly read and understand the agreements in the form in order for you to comply and know your scope of responsibilities. If you have affixed your signature, it serves as proof that you have understood and agreed to all the terms and conditions made.

Other forms that you also have to read and understand are the Property Acquisition Guidelines and Data Privacy Consent Form.

Reservation Fee

A fee of Php15,000.00 is deposited as a sign of good faith that the buyer intends to fulfill the purchase of the property. This instantly gives the buyer ownership of the unit for 30 days and will be removed from the available units being sold. The fee paid will part of the Total Contract Price and is non-refundable in case of cancellation. It is deducted from the total contract price prior to the computation of the installment fees of your equity.

Is the property sold to me after reserving?

The developer still holds the property as its own but is reserved for you with your reservation payment. The property will be considered sold to you once the unit has been fully paid. The Deed of Absolute Sale will be executed as soon as the unit is fully paid and would serve as proof that the property or unit is sold and owned by the owner. It will be the basis for processing the transfer of title and tax declaration.

Do take the time to read through every line of the forms and agreements you sign. Understand the terms and conditions so you would know your rights as a buyer and the rights of the developer. You can also ask for clarifications from our In-house Property Specialists or your trusted Real Estate Broker.