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The Letter of Reservation serves as an important preliminary document in Canadian real estate transactions, particularly in competitive markets where multiple parties may be interested in the same property. This document is typically used when a potential buyer needs time to conduct due diligence, arrange financing, or fulfill other conditions before proceeding with a formal purchase agreement. The Letter of Reservation includes essential information such as the property details, reservation period, fee amount, and conditions for refund or forfeiture. While not as binding as a purchase agreement, it demonstrates serious intent and provides both parties with clear terms regarding the temporary reservation of the property. This document is particularly relevant in new development projects, commercial real estate transactions, and situations where properties are in high demand.

1. Date and Address Block: Current date and full contact details of both parties

2. Property Details: Clear identification and description of the property being reserved

3. Reservation Terms: Duration of the reservation period and any conditions attached

4. Financial Details: Reservation fee amount, payment terms, and refund conditions

5. Intended Transaction: Brief description of the intended purchase or lease transaction

6. Acknowledgment: Statement confirming the non-binding nature of the reservation (if applicable)

7. Signature Block: Space for signatures of both parties and dates