When you’ve chosen the property you want to buy your first step is to secure the property and price by taking it off the market for a period of time.
To do this, you pay a reservation deposit, an amount that varies depending on the property price. At the same time, you’ll be asked to sign a reservation contract between you and the vendor. This contract includes the basic terms of the agreement such as the property description, price, payment terms and completion date.
Since the reservation deposit is usually non-refundable, it’s important to appoint a legal representative and get proper legal advice before signing or paying anything.