To bring certainty to the buying and selling process by providing standard wording for a reservation agreement between buyer and seller.
How it works
The agreement will be conditional upon the information available at the point of acceptance of offer and the buyer and seller’s circumstances.
Both parties will pay a commitment deposit which they will lose if they breach the terms of the agreement.
The aim is to deliver the reservation agreement through technology to make it as seamless as possible. There will be protection for the deposit monies and an arbitration process.
The HBSG have agreed standard wording for the reservation agreement to be used in research.
The Ministry’s research team are analysing feedback from the industry and consumers on how the agreement could and should work.
**Pilot awaited 2020**
Register your interest in participating in the pilot by completing the below form: