Know what your reservation payment secures

A reservation payment can create obligations before the full purchase process is complete. Read the reservation terms on their own: identify the exact unit, how long it is held, the next required step and what happens if you decide not to continue. Check the named recipient and retain the payment record. If your purchase depends on finance approval, ask how an unsuccessful or delayed application affects the reservation. Obtain the answer in writing and compare it with the document you will sign. Also clarify whether changing units is possible and under what conditions. Decide only after you understand the actual cancellation and continuation terms, rather than assuming every reservation can be refunded or moved to another property. Prepared by Masterpiece Property.