Reservation Agreement Format Philippines

Your lack of knowledge of the terms of the agreement is no excuse for any case. It is your responsibility to read them carefully – if not word for word from start to finish, and take the time to commit yourself so as not to fall into a legal trap. AS A FRIENDLY SOUVENIR, READ SIGN IN FRONT OF YOU. If you want to buy a property, brokers or real estate agents can offer a “booking contract” or a “booking request,” an agreement that ensures that the property you want to buy is reserved and withdrawn from the market, which prohibits the purchase of others. In addition, this agreement contains basic information and specifications such as the full address of the property, the type of property, the base area, the preferred payment option (cash, house,-financing) and the terms of payment agreed by both parties. If you wish to benefit, a “serious money” is made available or what is often called booking fee is made available. As mentioned earlier, the document also contains all the basic information and specifications of the property. So are the terms of payment for future transactions. It is necessary that you understand and read this completely, they will eventually regret signing the contract whose content may seem harmful or risky on your side. What will happen will cause you to find yourself in a difficult situation, because if they do not, they will have to pay contractual penalties, and that is your failure as a buyer. The booking contract includes the payment of earnest money as a form of non-refundable down payment that is part of the purchase price.

It shows your serious interest in a property for sale. Legally, both parties are required to do what is written in the contract, but if you both withdraw from the contract, you must withdraw – or surrender what was given and received. It is therefore important that you keep receipts and secure photocopies, especially when it comes to money. [For PH claim guidelines, click here] For this reason, the reservation agreement is one of the most important documents in the entire real estate purchase process. And here`s why you shouldn`t jump out of them. You don`t need to lie or feel ashamed about it, because according to the Fair Finance Survey, 73% of the population admit not to have read all of them. [1] Unfortunately, you should, as you really should. The adoption of such conditions is like signing a legal agreement that both parties must respect and respect, so that non-compliance with the rules of the agreement can lead to unforeseen and worse regrettable circumstances. Just like buying real estate, you can`t escape this as part of your protection and seal a deal not just verbal or handshake alone, because buying one is actually an expensive investment – if not risky. In the event of a voluntary withdrawal of this contract by the ACHETEUR, for no reason on the part of the VENDEUR or if the ACHETEUR does not comply with its obligations, the VENDEUR has the right to terminate this contract, in which case the EARNEST MONEY (amount in words) (P 000,000.00) is considered to be a liquidated damage for the benefit of the VENDEUR. [1] and conditions-information online in small quantities Signature on the signature printed on the printed names received by (buyer`s name) at the postal address at (address), the sum (in words) (P 000,000.00) covered by ABC Bank, Cheque No.

00000000 of January 1, 20 for EARNEST MONEY for the payment of a two-storey house and a lot on (address of the property) by T.C.T.