Reservation of a property: What it is and how it differs from a CPCV.

Do you know what a reservation agreement is when purchasing a property?  

The property reservation agreement aims to guarantee a period of exclusivity to the buyer in a real estate purchase process, and to define the transaction value.

With this agreement, the buyer has to spend a certain amount, usually reduced, and it is established that the property must be removed from the real estate market for a certain period of time, so that the proposed buyer can verify if the property is in compliance and both parties can negotiate all the terms of the contract to be signed.

The reservation agreement should not be confused with the Contract of Promise of Purchase and Sale (CPCV) and the associated deposit.

This is because, as a rule, it is the real estate broker responsible for the deal who remains as the faithful depositary of the reservation amount and not the seller, who must refund the amount if the transaction does not materialize.

According to Law 15/2013, of February 8, the amount transmitted under this agreement is not an advance payment for the purchase price of the property, nor for expenses resulting from the transaction. This also means that the regime of non-compliance with article 442nd of the Civil Code cannot be applied to it "(i.e., double refund (in case of non-compliance by the seller) or retention of the deposit (in case of non-compliance by the buyer))".

What elements should be included in the reservation agreement?

The agreement is usually drafted by the real estate agency and follows pre-established templates, but in order to protect oneself, you must know the elements that must (really) be included in the contract.

This agreement must contain: the identification of the proposed seller and buyer, as well as the real estate agency; the identification of the property in transaction; the amount delivered as a reservation fee; the established period of exclusivity; the expected deadline for the CPCV and for the deed; conditions that may be present in the property acquisition process (such as a legal audit of the property or approval of a housing credit); it must also be stated that, if the deal does not materialize, the reservation fee will be refunded to the proposed buyer, or that, if it materializes, the amount will be deducted from the CPCV deposit or from the final price at the signing of the deed.  

There is a new simplex that dispenses with user licenses.

Note also that, with the new urban licensing simplex, although the presentation of the use permit is no longer mandatory, it is important that the reservation ensures the delivery of this document. Not being mandatory does not mean that you cannot request it as a requirement to move forward with the deal.

In this sense, do not allow a short period of time to close the deal, as if a legal audit is required, the seller will need more time to validate the property documentation - in this case, at the licensing level.

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