What is Reservation Fee?
The Reservation fee is a payment made by clients to developer to hold a property and is usually good for 30 days.
Is the Reservation Fee deductable with the selling price?
Yes, the reservation fee is deductable from the selling price for Spot Cash payment or at the Down Payment if its thru Financing.
Is the Reservation Fee refundable?
No. Why? When an interested buyer made a reservation to hold the property but eventually wants to cancel, the developer missed selling the property to other interested buyers, thus the developer lost an opportunity.
How do I pay the Reservation Fee?
The Reservation fee is payable in cash, deposit payments, checks and wire transfers depending on the developer. The official receipt is issued as the confirmation of your payment and reservation of property, that's is why paying in cash is the best option. Official Receipt for check payments, deposit payments, or wire transfer may take a week to clear and post, hence, the official receipt can only be issued after clearing and posting.
Can I cancel the reservation?
Yes, you may cancel your reservation for the unit or property. I recommend you to make a formal cancellation request in writing if you have already submitted confidential documents during the signing of reservation.
Here is a link for example of Reservation Agreement forms and other legal documents at http://legal-forms.philsite.net/.
Here are Information needed in signing a Reservation Agreement:
Full Name, Local Address, Address abroad, Birth Date, TIN Number,
Contact Number, Email Address, Employment Position, Marital Status
Wifes / Husband
Full Name, Birth Date, TIN Number, Employment, No. of Children
Other Requirements during reservation are 2 valid government identification and of course your signatures.
Are you now ready to make Reservation?
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