Apartment reservation agreement

The reservation agreement, in accordance with the applicable Act of May 20, 2021 on the protection of purchasers of residential premises or single-family houses and the Developer Guarantee Fund, serves as a safeguard against concluding a development agreement. Before concluding a development agreement, the parties may sign a reservation agreement whose purpose is to temporarily exclude an apartment or house from the sale offer. The developer then undertakes not to conclude an agreement regarding a given premises or house with another client, giving the buyer/developer a period of time to make a final decision whether to conclude a development agreement regarding a specific project.

Reservation agreement – conditions

The reservation agreement must be made in writing under pain of invalidity and specify in detail: the parties to the agreement, the place and date of conclusion of the agreement, the price of the selected premises or house from the sale offer, the amount of any reservation fee, the period for which the premises or house will be excluded from the sale offer, location of the premises in the building, usable area and room layout. The above catalog is open, which allows parties to add other entries that are important to them. The reservation agreement is valid for a specified period of time, including the period needed to obtain a credit decision or a promise to grant a loan by the person making the reservation. The main benefit of a reservation agreement is to provide the client with the right of priority to purchase the selected premises, which at the same time allows developers to estimate the potential demand for the offered premises.

Settlement of the reservation fee

In terms of settling the reservation fee, the parties to the contract may agree that this obligation involves a reservation fee not exceeding 1% of the price of the property, which is included in the purchase price of the rights arising from the contract. It is important that this fee is returned to the booker if he or she does not receive a positive credit decision. If the developer fails to meet the obligations arising from the reservation agreement, the fee is refunded to the reservationer in double amount. However, in the event of changes in the information prospectus without informing the booking party, the fee is also refundable. On the other hand, if the booker does not want to conclude a development agreement, this fee is transferred to the developer.

Signing a reservation agreement – what is the purpose?

Signing the reservation agreement is intended to protect the interests of the parties. If one of the parties decides to carry out the transaction, the other party is obliged to conclude a development agreement in accordance with the conditions specified in the reservation agreement. For people who are hesitant about choosing an investment, a reservation agreement is a beneficial solution, enabling them to pre-book the premises without the risk that it will be purchased by someone else. It is therefore worth considering the possibility of concluding a reservation agreement, which is an effective means of protecting the interests of future real estate buyers.

Author:

Rafał Drzewiecki

Lawyer, Mediator

He specializes in providing legal assistance to natural persons. He attaches great importance to trying to resolve disputes amicably, including in criminal cases. He realizes his professional career in criminal law, because he served his legal training under the supervision of an attorney specializing in this field. He is particularly interested in post-penitentiary issues: the system of electronic supervision, breaks in serving the prison sentence, conditional early release.

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