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Reservation Fee Agreement

Reservation Fee Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Reservation Fee Agreement

"I need a Reservation Fee Agreement for a luxury apartment in Downtown Dubai, where the buyer will pay a 10% reservation fee to be held in escrow until March 2025, with the agreement subject to RERA approval."

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Document background
The Reservation Fee Agreement is a crucial document in UAE real estate transactions, particularly in Dubai's dynamic property market. It serves as an initial commitment between a property developer/seller and a potential buyer, securing the buyer's interest in a property while providing the seller with a commitment backed by a monetary deposit. The agreement is especially important in off-plan property sales and new development projects, where it helps manage the pre-sale process effectively. The document must comply with UAE Civil Code requirements and RERA regulations, particularly regarding deposit amounts and refund conditions. This type of agreement typically precedes the full sale and purchase agreement, providing a structured framework for the reservation period while protecting both parties' interests under UAE law.
Suggested Sections

1. Parties: Identification of the seller/developer and the prospective buyer, including full legal names, addresses, and contact details

2. Background: Context of the agreement, including brief description of the property and purpose of the reservation

3. Definitions: Key terms used throughout the agreement, including 'Property', 'Reservation Fee', 'Reservation Period', etc.

4. Property Details: Specific details of the property being reserved, including unit number, location, size, and project details

5. Reservation Fee: Amount of the reservation fee, payment terms, and payment method

6. Reservation Period: Duration of the reservation period and any conditions for extension

7. Rights and Obligations: Responsibilities and rights of both parties during the reservation period

8. Refund Conditions: Circumstances under which the reservation fee will be refunded or forfeited

9. Conversion to Sale: Process and conditions for converting the reservation into a sale agreement

10. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

11. Notices: Methods and addresses for formal communications between parties

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Condition Precedents: Specific conditions that must be met before the reservation becomes effective, used when there are particular requirements or approvals needed

2. Developer's Warranties: Specific warranties regarding the property and development status, included for off-plan properties

3. Assignment: Rights and conditions for transferring the reservation to another party, included when assignment is permitted

4. Force Majeure: Provisions for unforeseen circumstances, included in longer-term reservations

5. Confidentiality: Provisions for maintaining confidentiality of the transaction terms, included for high-value or sensitive transactions

6. RERA Compliance: Specific provisions ensuring compliance with RERA regulations, included for properties under RERA jurisdiction

Suggested Schedules

1. Property Specification: Detailed description of the property, including floor plans, specifications, and amenities

2. Payment Schedule: Detailed breakdown of the reservation fee payment terms and schedule

3. Property Documents: Copies of relevant property documents, including title deed or development approvals

4. Form of Sale Agreement: Draft or template of the sale agreement to be entered into after the reservation period

5. Developer's Licenses: Copies of relevant developer licenses and permits

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions























Clauses


























Relevant Industries

Real Estate

Property Development

Construction

Residential Property

Commercial Property

Real Estate Investment

Property Management

Real Estate Brokerage

Urban Development

Hospitality

Relevant Teams

Legal

Real Estate

Sales

Compliance

Business Development

Property Management

Contract Administration

Customer Relations

Development

Risk Management

Relevant Roles

Real Estate Manager

Property Developer

Legal Counsel

Compliance Officer

Real Estate Agent

Sales Director

Property Manager

Contract Manager

Business Development Manager

Real Estate Investment Manager

Property Sales Executive

Legal Director

Development Director

Customer Relations Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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