The Reservation Fee Agreement serves as a preliminary contract in Indian real estate transactions, providing a structured framework for securing property interests before proceeding with a full purchase agreement. This document is commonly used when a prospective buyer wishes to express serious interest in a property while conducting due diligence or arranging financing. The agreement typically specifies the property details, reservation period, fee amount, and conditions for conversion to purchase or refund. Under Indian law, particularly considering the Indian Contract Act and RERA regulations, this agreement provides legal protection for both parties and helps prevent multiple bookings of the same property. The document is particularly relevant in new development projects or pre-sale situations where properties are being sold off-plan.
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1. Parties: Identification and details of all parties to the agreement including the property owner/developer and the prospective buyer
2. Background: Context of the agreement including brief description of the property and purpose of reservation
3. Definitions: Definitions of key terms used throughout the agreement
4. Reservation Details: Specific details of what is being reserved (property unit, specifications, location)
5. Reservation Fee: Amount of reservation fee, payment terms, and payment method
6. Duration of Reservation: Period for which the property will be reserved
7. Rights and Obligations: Responsibilities and rights of both parties during the reservation period
8. Treatment of Reservation Fee: How the reservation fee will be handled (whether it forms part of purchase price, conditions for refund, etc.)
9. Termination: Circumstances under which the agreement can be terminated by either party
10. Governing Law and Jurisdiction: Confirmation that Indian law governs the agreement and specification of jurisdiction for disputes
1. Multiple Buyers: Additional terms for cases where there are multiple prospective buyers
2. GST and Taxation: Specific clauses about tax implications and GST treatment of the reservation fee
3. Force Majeure: Provisions for unforeseen circumstances that might affect the agreement
4. Assignment: Terms regarding whether the reservation rights can be assigned to another party
5. Confidentiality: Terms regarding confidentiality of the agreement and transaction details
6. RERA Compliance: Specific provisions relating to RERA compliance where applicable
1. Property Details: Detailed description of the property including location, measurements, and specifications
2. Payment Schedule: Detailed breakdown of payment terms and schedule
3. Required Documents: List of documents required from both parties
4. Property Plans: Floor plans, layout drawings, or other relevant property plans
5. Bank Details: Banking information for payment of reservation fee
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