A diferencia del contrato de arras de una vivienda, este documento implica el compromiso de las partes de llevar a cabo la compraventa sin que ninguna de ellas pueda echarse atrás.

The home-buying process is full of “stages” that you have to work through one by one. From the moment you make the decision until you become a homeowner, there are several points along the way where you’ll have to make decisions, and the starting point for all of them is knowing what kind of home you want.

If you choose to buy a new-construction property, it’s also important to understand what a home reservation contract is. Beyond addressing concerns related to the purchase—such as meeting delivery deadlines, understanding a home’s floor plans, or finding the right financing—this document is crucial, and we’ll explain why below.

What is a housing reservation contract?

A home reservation agreement is, quite simply, a contract that not only confirms your intention to purchase the home in question but also serves as a guarantee to the seller. The process is simple. Through this agreement, the buyer reserves a home in exchange for paying a deposit toward the purchase price. For their part, the seller agrees to deliver the home within the agreed-upon timeframe.

The key point of any housing reservation agreement is that it is a document that binds the parties, and unless it includes a clause stating otherwise, neither party can back out.

Key Differences Between a Reservation Agreement and a Good-Faith Deposit Agreement

Although they may seem the same at first glance, there are differences between a deposit agreement and a home reservation document. While it is true that the former is also a document that formalizes the buyer’s and seller’s intention to complete the sale of a home—and, just as with a reservation, a deposit is paid toward the home’s price—the latter typically refers to a reservation agreement for a new-construction home.

But the differences go further than that. While the Civil Code serves as the legal framework for a housing deposit agreement, the document reserving the property is not regulated; as a result, in practice, the latter offers less legal certainty.

Furthermore, the former can be terminated by accepting the consequences specified in the deposit agreement (usually compensation for withdrawing from the sale), while the contract to reserve the property can only be terminated if it includes a clause to that effect, which is not common.

Benefits of a Property Reservation Agreement

In any real estate sale, guarantees for the parties involved provide added value, and signing a reservation agreement has its advantages. The first, as you can imagine, is that both the buyer and the seller secure the transaction, although that is not the only benefit it brings to the agreement.

Depending on the agreed-upon payment method, this document establishes a timeframe for the buyer to secure the funds needed for the purchase. For their part, the seller also has a clear timeline and, in addition to meeting delivery deadlines, can be confident that they will receive the agreed-upon payment as specified in the document.

Rights and Obligations Arising from the Signing of the Contract

When discussing a housing reservation contract, it’s not just about the benefits. It’s also about the rights and obligations of the signatories. While it is true that the buyer acquires the right to purchase the home under the terms agreed upon in the contract, the seller does the same with regard to the sale.

However, both parties agree to complete the sale in accordance with the agreed-upon terms; furthermore, the buyer must meet the deadlines for paying the amounts specified in the agreement.

Sample Contracts for Reserving New Construction Housing Units

Every housing reservation contract must include:

• Name and personal information of the buyer and seller.
• Detailed description of the property: including everything from the address to the cadastral reference, square footage…
• Amount of the down payment for the home: This will depend on what the parties agree upon, although it is customary to set the down payment at between 1% and 5% of the home’s value.
• Payment method: The document must specify how the remaining balance of the home’s purchase price will be paid, as well as how expenses will be divided between the buyer and the seller.
• Termination clause: This is not very common, but it may be included to specify the circumstances under which the contract could be terminated.

However, there are differences not only between a housing deposit contract and a housing reservation agreement. Even within the latter, there are nuances that essentially have to do with the timing of when you decide to sign the contract. That said, there are two types of reservation agreements for homes under construction:

Pre-commercialization Phase Reservation Document

This type of housing reservation contract is the most common in developments that are launched before the building permit and the guarantee policy have been obtained. Among its basic features are that the deposit paid by the buyer is not subject to VAT and that the maximum validity period is specified.

However, the most interesting thing is that this is a non-binding reservation; in other words, when the time comes, you can cancel it and get your money back if you decide not to go through with the purchase.

Reservation Document in the Marketing Phase

If the property in question is already in the marketing phase—that is, it has a building permit and a performance bond—there is another type of housing reservation contract. In this case, the deposit does include VAT, and the maximum reservation period is 10 days (30 days for turnkey projects). The differences, however, do not end there.

The document must be signed along with the payment method and the floor plan (one of the most common types of housing plans ). In this case, the agreement is indeed binding and must specify the parties’ respective ownership percentages if the transaction is carried out by a couple.

In any case, signing a home purchase reservation agreement is a guarantee that will bring you closer to your dream home. If you’re thinking about becoming a homeowner, this guide to buying a home will not only provide you with the basics for making a wise choice, but also all the information you need about the home purchase reservation agreement, the costs associated with the sale, documentation, and procedures… Download it and make your search for a home a success.