Reserving a Property

If you have seen a property that you would like to buy, you will want to complete a Reservation in order to take it off the market and for the buying process to proceed.

When you make an offer we will ask for the following details, which will be crucial in helping the Vendor make a decision as to whether, or not, to accept.

• How much are you offering
• What is included in the offer (i.e. furniture etc)
• What timescale are you offering for the transaction. By default we anticipate 4/6 weeks to completion with a private purchase contract and 10% deposit after 2 weeks but this can of course be varied by negotiation between buyer and seller.
• We will also want to ask if your finance is arranged. It is not common to enter into a reservationagreement “subject to mortgage” so it is good to clarify this point as early as possible. If finance is needed we can arrange help for you.

Once your offer has been accepted and you are sure that you want to proceed we can arrange the reservation. A copy of our standard reservation agreement may be downloaded here.. It confirms that the buyer and seller are entering into the agreement to buy and sell at an agreed price, and of course, any special conditions which have been agreed will be included in the agreement. The mutually approved timescale will also be stated.

In order to complete the reservation we will need to know the full names of the buyers together with NIE, DNI or passport copies. We will also ask you for an e-mail address for each person who is to sign. For couples who do not have individual e-mail addresses we can work with one joint address.

In order to make the reservation process simple, the agreement will be sent to you by an online system called SignEasy. This is an internationally recognised digital signature system which allows the whole process to be completed on your mobile, tablet or lap top. Even our most tech averse customers have found it easy to work. The agreement is automatically sent, sequentially, to all the parties who need to sign.

Whilst the deposit paid on a reservation is “non refundable” , by agreement with the Vendors, it is held in our clients account as stakeholders and the agreement confirms that Vendor is able to give Good title to the property. This means that if your “Due Dilligence” shows any fault with the legal status and you decide not to proceed, you are entitled to have the deposit returned to you.

The reservation comes into force once it has been signed by both the buyer(s) and the seller(s) and the deposit has been received into our clients account, or we have at least seen the proof of transfer. Normally once the agreement has been signed by all parties, we allow 24 hours for the deposit and, in that time, treat the prop-erty as “On Hold” If the reservation takes place over the weekend we normally extend the 24 hours until 12 noon on Monday. The Clients account details are shown on the reservation.

We hold the deposit as stakeholders for the buyer and the seller. If the sale does not proceed Michael Moon keep no part of the deposit, it is passed to the Vendor or returned to the buyer as agreed,

If you have any queries please do not hesitate to let us know as the system can be tailored for individual requirements and we are keen to make the process as straightforward as possible.

It is always your choice as to whether you sign and/ or send the deposit so please never feel pressured.

To download a sample of the reservation document : Click Here