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The document is a Lot Reservation Agreement between Reunion West SPE, LLC (Seller) and the Buyer, outlining the terms for reserving a specific lot in Reunion, Florida for future purchase. The Buyer agrees to pay a Reservation Deposit of $1,000 to secure the lot until a separate Purchase Agreement is executed. The agreement emphasizes that it is non-binding and does not confer any rights to the lot until both parties sign the Purchase Agreement. It also includes provisions for cancellation and refund of the deposit.

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2016	4 Satisfied (54 Votes)

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What is a property reservation agreement?

A reservation agreement is frequently used in the sale of new homes when a buyer reserves the right to buy the property for a period of time (the reservation period) and pays a fee. The builder or developer states that it will not sell the property to another during the reservation period.

What is a reservation land law?

N.B. A \u201cReservation\u201d of an Easement arises where the seller selling off part of the land takes, i.e. \u201creserves\u201d, an Easement over the land being sold for the benefit of the seller's retained land.

Is a reservation agreement binding?

Once the offer has been agreed, the Buyer and Seller both sign the agreement and are then bound by the terms within. If either party withdraw for any reason, other than what is agreed, then the other side is entitled to a compensation payment.

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What happens after reserving a new build?

When you've found your dream home, it's time to put down your reservation fee. This holds the property for you for an agreed amount of time so that no one else can reserve it. Once the sale goes through, you'll get the reservation fee back (it will be deducted from your purchase cost).

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