When is it worth signing a flat reservation agreement? Our advice!

Buying a flat is one of the most important decisions in life, so you should approach it with due care. Have you found a listing you like? Do you need to find out more about the price or the formalities connected with buying the property you have chosen? In that case, an excellent option is to sign a flat reservation agreement. Find out when it is worth doing so and what the document must contain.

What is a flat reservation agreement?

A flat reservation agreement is a legal document concluded between the seller and the prospective buyer of a property. There are two types of such documents. These are:

• a reservation agreement with elements of a preliminary agreement (umowa przedwstępna), which allows the parties to pursue claims if mutual obligations are not performed;
• a reservation agreement without elements of a preliminary agreement, in which the prospective buyer expresses a willingness to buy the flat but bears no consequences for withdrawing. The only sanction is the loss of the deposit (zadatek) or reservation fee paid.

A reservation agreement does not have to take the form of a notarial deed (akt notarialny). Importantly, such a document belongs to the group of innominate contracts and is not regulated in Polish law. The lack of specific regulations means that there are no unambiguous provisions determining exactly what such a document should contain. The content of the agreement and the obligations of the buyer and the seller are therefore shaped freely, but they must remain consistent with the principles of social coexistence (zasady współżycia społecznego).

When should you decide to sign a reservation agreement?

The decision to sign a flat reservation agreement should be well thought out. Here are some situations in which it is worth considering this solution.

1. If you have found a flat that meets your expectations and you are determined to buy it, a reservation agreement can be a good step. It allows you to take the property off the market for a certain period.
2. A reservation agreement gives you some extra time during which you can obtain additional information about the flat, for example check the legal status of the property or discuss any formalities connected with buying it.
3. If you plan to finance the purchase of the flat with a mortgage, a reservation agreement can give you the time you need to complete the formalities connected with obtaining the funds.

What must a flat reservation agreement contain?

As we have already mentioned, there are no legal provisions that specify exactly what a flat reservation agreement must contain. However, there are certain elements worth including in this document. These are:

• the details of both parties to the agreement;
• a description of the property, including its floor area, location and rooms belonging to the flat;
• the amount of the reservation fee or deposit;
• the price of the property;
• the period for which the agreement is concluded;
• the property owner's statements on the legal status of the premises;
• the date and place of conclusion of the document.

Summary

A flat reservation agreement is an important step in the process of buying a property. This document provides security for both the prospective buyer and the seller. If you are looking for support when buying a flat, using the services of a specialist such as an estate agent in Katowice is a reliable and effective solution.