The Real Estate Reservation Agreement is a crucial preliminary document in Philippine property transactions, typically used when a prospective buyer expresses serious interest in purchasing real estate but needs to secure the property while finalizing financing arrangements or conducting due diligence. This agreement, governed by Philippine law and regulated by the Housing and Land Use Regulatory Board (HLURB), establishes the buyer's priority rights to the property while protecting the seller's interests through a reservation fee. It includes essential details such as property specifications, payment terms, reservation period, and conditions for converting the reservation into a full purchase agreement. The document must comply with Presidential Decree No. 957, the Maceda Law, and other relevant Philippine real estate regulations.
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1. Parties: Identification of the Developer/Seller and the Prospective Buyer, including complete names, addresses, and tax identification numbers
2. Background: Brief context about the property development and the buyer's intention to reserve a specific unit/property
3. Definitions: Key terms used throughout the agreement, including 'Property', 'Reservation Fee', 'Purchase Price', and other relevant terms
4. Property Details: Specific description of the property being reserved, including location, unit number, floor area, and other relevant specifications
5. Reservation Fee: Amount of reservation fee, payment terms, and confirmation that it forms part of the purchase price
6. Reservation Period: Duration of the reservation and conditions for its validity
7. Purchase Price and Payment Terms: Total purchase price, payment schedule, and methods of payment
8. Rights and Obligations: Specific rights and obligations of both parties during the reservation period
9. Cancellation and Refund: Conditions for cancellation and the process for refund of the reservation fee
10. Representations and Warranties: Standard declarations by both parties regarding their capacity to enter into the agreement
11. Governing Law: Specification that the agreement is governed by Philippine law
12. Execution: Signature blocks for all parties and witnesses
1. Broker/Agent Details: Include when a licensed real estate broker or agent is involved in the transaction
2. Special Payment Terms: Include when there are non-standard payment arrangements or promotional terms
3. Force Majeure: Include when specifically requested to address unforeseen circumstances
4. Assignment Rights: Include when the buyer may want the right to assign the reservation to another party
5. Anti-Money Laundering Compliance: Include for high-value properties requiring AMLA compliance
6. Construction Timeline: Include for pre-selling properties still under construction
7. Parking Slot Reservation: Include when parking slots are being reserved along with the property
1. Schedule A - Property Details: Detailed technical description of the property, including floor plans and specifications
2. Schedule B - Payment Schedule: Detailed breakdown of the payment terms and schedule
3. Schedule C - Property Features and Amenities: List of included features, fixtures, and access to common amenities
4. Schedule D - Required Documents: List of documents required from the buyer for the reservation and subsequent sale
5. Appendix 1 - Property Location Map: Map showing the location of the property within the development
6. Appendix 2 - Reservation Payment Receipt: Official receipt for the reservation payment
7. Appendix 3 - Developer's Licenses: Copies of relevant HLURB licenses and permits
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