1. Reservation Fee:

 

• The reservation fee is non-refundable.

• If the buyer fails to exchange within the agreed reservation period, the property may be returned to market, and the reservation fee will be retained.

 

2. Bank Account Details for Reservation Fee:

 

 

 

 

1.1 Obligations expressed to be made or assumed by a party comprising more than one person are made and are to be construed as made by all such persons jointly and severally.
1.2 Any obligation on a party not to do or omit to do anything includes an obligation not to allow that thing to be done or omitted by an employee, servant, agent, consultant, or other person acting on that party’s behalf or under their control.
1.3 References in this agreement to “liability” include claims, demands, proceedings, damages, loss, costs, and expenses.
1.4 References to statutes or statutory instruments include any that amend, consolidate, or replace them and regulations made pursuant to them.

 

 

In consideration of the Reservation Fee (non-refundable), the Agent & Seller agrees that during the Reservation Period, the they will not:
2.1 Actively market the property or advertise it for sale or lease.
2.2 Seek or invite offers for the property from any third party.
2.3 Enter into agreements to sell, transfer, or lease the property to anyone other than the Buyer.
2.4 Send a contract for the sale or letting of the property or disclose property transaction details to anyone other than the Buyer or the Buyer’s solicitors.
2.5 Allow anyone other than the Buyer or the Buyer’s solicitors to inspect or obtain a valuation of the property.
2.6 Enter into agreements for dealing with the property immediately after the reservation period.

 

 

The Agent agrees to:
3.1 Instruct the Seller’s solicitors to provide the draft contract and title information promptly.
3.2 Respond reasonably and promptly to inquiries or requisitions raised by the Buyer’s solicitors.
3.3 Use reasonable efforts to finalize the contract terms with the Buyer.

 

 

4.1 During the Reservation Period, the Buyer will:
4.1.1 Act in good faith and negotiate the terms of the contract with the Seller’s solicitors.
4.1.2 Obtain replies to searches and inquiries and conduct necessary title investigations.
4.1.3 Use reasonable efforts to enter into the contract with the Seller.
4.2 If the Buyer decides not to proceed with the transaction, they will notify the Agent & Seller in writing and return all papers and materials supplied by the Agent or Seller.

 

 

5.1 Each party is responsible for its own costs.

 

 

6.1 Until completion or termination, both parties will maintain confidentiality of the agreement details.
6.2 Disclosure is allowed only to professional advisers or as required by law.

 

 

7.1 Time is of the essence for all obligations.
7.2 The agreement is personal to the Buyer and cannot be assigned.
7.3 This agreement is governed by the laws of England and Wales.
7.4 Neither party is obligated to complete the transaction under this agreement.

 

 

8.1 None of the provisions confer rights to third parties under the Contracts (Rights of Third Parties) Act 1999.
8.2 The parties may rescind or vary this agreement without third party consent.