2. In consideration of payment of the Reservation Fee the Vendor hereby reserves the dwelling specified in this reservation (the “Reservation”) for sale to the Purchaser until the provision of an executable contract of sale.
3. The Purchaser acknowledges that it is not entitled to any interest which accrues on the Reservation Fee.
4. When a Contract is properly executed by the parties, the full amount of the Reservation Fee shall be applied towards the Deposit payable under the Contract.
5. If the Purchaser does not execute the Contract for the dwelling reserved under this Reservation, in a form acceptable to the Vendor by the end of the Reservation Period and pay the balance of the Deposit of 10% of the price of the dwelling
or provide a deposit bond or a bank guarantee as security for the balance of the Deposit of 10% of the price as required under the Contract, any rights of the Purchaser under this Reservation will lapse and the Reservation Fee will be refunded to the Purchaser (less the Administration and Contract Preparation Fee, which the Vendor may elect to charge
in its sole discretion). The acceptance of a deposit bond for the deposit is at the sole discretion of the Vendor.
6. The Purchaser acknowledges that:
a. The Vendor has no obligation to agree to sell a dwelling in the Development, to the Purchaser, and may refund the Reservation Fee to the Purchaser in its sole discretion and at any time without being required to justify or explain such action; however at all times, the Vendor must act reasonably;
b. Park Lane Developments and its employees, representatives and agents are not liable to the Purchaser as a result
of any information, statement, warranty, representation, letter, document or arrangement or any conduct provided, made or done by or on behalf of the Vendor;
c. The information provided in relation to any dwelling in the Development, including its price, is indicative only and may be changed at any time prior to the exchange of the Contract for a dwelling;
d. The Purchaser may not make any objection or claim compensation relating to such a change;
e. a contract for the purchase of the property is not created by this reservation agreement and that a contract for the purchase of the property does not come into existence unless and until both the vendor and the prospective buyer each sign formal contract documentation;
f. The vendor and its employees, representatives and agents are not liable to the prospective buyer as a result of any information, statement, warranty, representation, letter, document or arrangement or any conduct provided, made or done by or on behalf of the vendor unless that conduct is intentionally misleading or deceptive.
7. The reservation only becomes eƯective when the vendor receives both the completed reservation agreement and the reservation fee. The vendor has the right to cancel the reservation if the reservation fee is not paid within 3 days of signing.
8. The prospective buyer has the right to cancel the reservation at any time.
9. Whilst an indicative purchase price has been provided this price is not fixed; for the avoidance of doubt this price is subject to any price increases the Vendor may be required to make due to any construction or development cost increases.
10. If the prospective buyer cancels the reservation, the vendor agrees to pay back the reservation fee within 30 days of notification in writing that the reservation is cancelled.
11. The vendor may immediately sell or reserve the property to another party once confirmation in writing of the cancellation is received.
12. The Reservation Fee is fully refundable if you do not proceed. The Reservation Fee will not be held separately or held in trust or pay any interest, the reservation is not transferable or assignable to another party without the prior written approval of the vender, that approval however should not be unreasonably withheld.
13. In the event that the reservation is converted to a formal purchase contract then the full reservation fee will be deducted from the deposit amount.