You've just seen it and you know it. It's the house you want and at a price that suits you. How can you make sure it's yours and no one can take it away from you? With a home reservation contract.
Don't know what it is or the differences with the deposit contract? Don't worry, we'll tell you everything here.
What is a reservation contract?
As the name suggests, it is a contract in which you reserve the right to buy the house. As simple as it sounds.
In reality, what you do through the reservation contract is advance money for the future purchase of the house to ensure that the property will be sold to you. With this document you commit to buying and the seller to deliver the property to you.
The reservation contract includes the amount that you will pay as a deposit to purchase. In other words, the down payment for the apartment is part of the contract.
Difference between the reservation contract and the deposit contract
The reservation contract is only one of the ways to guarantee the purchase of a house, but there are others. The main alternative is the deposit contract , which is also signed to secure the transaction.
The difference between the deposit contract and the reservation contract is first of all in their regulation. The deposit contract is regulated by the Civil Code, the reservation contract is not.
The second difference is that a deposit contract can be cancelled, provided that it is not a confirmatory deposit. Meanwhile, a reservation contract can only be cancelled if this option is expressly stated in it.
Why make a reservation contract
The main advantage of a reservation contract as a buyer is that it allows you to gain time from the moment you sign the purchase of the house. This way, you can look for a mortgage that is suitable for you with the peace of mind that the owner has committed to selling the property. This is the main reason for signing a reservation contract or a deposit contract.
For their part, the seller also gets time to carry out the necessary procedures, from repairs to the property to obtaining certain documents such as the house's energy certificate .
How much money do I need to pay for the reservation contract?
Since it is a private contract, there is no legally established amount of money that you have to give as a deposit or deposit for the house.
The seller usually decides the amount he wants as a deposit and that this is 10% of the agreed sales value. If you have a specific figure in mind, you can go ahead and propose it directly.
How long does the housing reservation last?
As with the deposit, there is no legal deadline for making the purchase. The time required to reserve the property can range from a few days to several months.
You can agree on any period you wish, as long as the other party agrees.
Obligations assumed by each of the parties
The reservation contract will serve as the framework for the property sales contract and binds both the buyer and the seller.
As a buyer, you acquire the right to purchase the property at the agreed price and time and, in exchange, you assume the obligation to purchase the house and pay both the deposit and the final price at the stipulated times.
For his part, the seller acquires the right and obligation to transfer the property for the agreed price, even if he receives better offers later.
With this in mind, can a reservation contract be cancelled? The answer is no. This type of contract cannot be cancelled unless it includes a clause allowing it, which is not usually the case.
How to make a reservation contract
On the Internet you will find a multitude of reservation contract templates that can serve as a guide for preparing your own.
In any case, the minimum information it must contain includes:
Personal data of the buyer and the seller.
? Description of the house, with the cadastral reference, address of the home, surface area and also details of the garage and storage room, if it has them.
? Property Registry number, which will be used to certify ownership of the property.
? Certificate of liens, which is used to determine whether a house has a mortgage or other debts.
? Amount left as a deposit by the house and which will later be deducted from the final price.
? Payment method for the rest of the money.
? Distribution of purchase and sale expenses between buyer and seller.
? Termination clauses if you wish to include them.
If you have any doubts about how to draw up the contract, remember that you can go to a notary or a lawyer to help you draft it. With both of them you can make sure that everything is correct.
