The Letter of Reservation is a crucial preliminary document in Irish property transactions, particularly common in new developments and off-plan purchases. It serves as a formal indication of intent to purchase and provides security for both parties during the pre-contract phase. Typically used when a potential buyer wishes to secure a property while arranging financing, conducting due diligence, or waiting for final contract preparation. The document includes essential details such as property specifications, reservation fee amount, duration of the reservation period, and basic terms of the proposed purchase. While not as legally binding as a full contract, the Letter of Reservation helps prevent gazumping and provides structure to the initial stages of property transactions. It's particularly relevant in the Irish property market where formal contracts can take several weeks to prepare and execute.
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1. Date: Current date of the letter
2. Addressee Details: Full name and address of the recipient (typically the seller/developer)
3. Property Details: Specific details of the property being reserved, including full address and any relevant lot numbers or unit identifiers
4. Reservation Terms: Clear statement of intention to reserve the property and the reservation period
5. Reservation Fee: Amount of the reservation fee, payment terms, and conditions for refund or forfeiture
6. Purchase Price: Agreed purchase price for the property
7. Time Period: Duration of the reservation period and key dates
8. Signature Block: Space for signatures of all parties involved
1. Special Conditions: Any specific conditions or requirements particular to this reservation, used when there are unique circumstances or requirements
2. Developer's Undertaking: Specific commitments from the developer, included when reserving property in new developments
3. Mortgage Details: Basic information about proposed financing, included when the buyer wishes to indicate their financing arrangements
4. Subject to Survey: Conditions relating to property surveys, included when the reservation is contingent on satisfactory survey results
5. VAT Statement: Details about VAT implications, included when the property transaction involves VAT
1. Property Schedule: Detailed description of the property including boundaries, features, and included fixtures (if applicable)
2. Payment Schedule: Breakdown of the payment structure including reservation fee, deposit, and balance (if applicable)
3. Development Plans: Relevant plans or drawings of the property or development, particularly important for off-plan purchases
Relevant legal definitions
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