Finding a property you want to buy is exciting. The reservation stage is where the practical details need to become precise: who is buying, what exactly is included, which conditions apply and what happens if the legal checks identify a serious problem.
What is a reservation agreement?
A reservation agreement is a written document setting out the terms on which a property is taken off the market while the next steps are arranged. It is not necessarily the same as a full private purchase contract or arras agreement. The rights of each party depend on the actual signed wording, not simply the word “reservation” at the top.
Five details to review before signing
- The property: full address, registered owners, agreed price and a clear description of anything included, such as furniture, storage or parking.
- The deposit: exact amount, who receives and holds it, and how it will be applied to the purchase price.
- The timetable: dates for documentation, legal checks, further contracts and completion.
- Conditions and refunds: the precise circumstances in which a deposit is returned, retained or disputed.
- The wider costs: buyer agency fee, taxes, legal representation and any mortgage or funding conditions.
What happens if a legal issue is discovered?
There is no universal answer. A buyer’s right to a refund depends on the reservation terms and the underlying law. Clauses dealing with title defects, unlicensed works, missing documents or other defined issues should be reviewed by the buyer’s independent lawyer before money is committed. A general verbal reassurance is not a substitute for the signed document.
How does the 1 Real Estate buyer fee fit in?
1 Real Estate discloses a buyer agency fee of 1% + IVA of the final purchase price, with a €2,000 + IVA minimum under the current buyer terms. It is separate from the advertised property price. In 1 Real Estate’s current process, the buyer fee is payable at the reservation stage under the relevant agreed documentation; the payment timing and refund conditions will be detailed in the reservation agreement.
What should happen next?
The buyer’s lawyer should check title and charges, any building or planning issues, community debts and the other facts relevant to that specific property. Once the legal and financial position is understood, the parties can proceed towards the appropriate purchase contract and completion. 1 Real Estate remains involved with viewings, communication and coordination, but does not replace independent legal advice.
A practical example
Imagine an apartment marketed with a parking space. Before reservation, ask for the parking space to be identified precisely and for your lawyer to confirm that the space being promised can legally pass to you. A photograph of a garage or a salesperson’s recollection is not proof of title. The same care applies to terraces, storage rooms and alterations.
Before you pay
Read the document in a language you understand, check that the fee disclosures match what you were told, and have your legal representative check conditions that matter to you. Ask questions before signing; correcting a misunderstanding afterwards is usually harder.
Interested in a 1 Real Estate property? Our team can arrange a viewing and provide the available property information before you make an offer.
