Parties
Full legal names and roles (buyer, seller, agent). Identify capacity (individual, trustee, company) and include contact and mailing addresses for notice purposes.
A Reservation Agreement preserves a buyer’s priority while parties complete due diligence or secure financing, reduces ambiguity about deposit handling, and documents timing for closing or option exercise. When signed electronically it remains enforceable under the ESIGN Act and state UETA frameworks, provided intent, consent, attribution, and retention requirements are satisfied.
Full legal names and roles (buyer, seller, agent). Identify capacity (individual, trustee, company) and include contact and mailing addresses for notice purposes.
Unambiguous description of the property or goods being reserved, including legal description for real estate, VIN or serial number for vehicles, or SKU for high-value goods.
Amount, payment method, whether fee is refundable or credited to purchase, and conditions under which it will be forfeited or returned.
Effective date, option or reservation period length, and precise deadline for exercise or payment to avoid uncertainty about expiration.
Contingencies such as inspections, title review, financing, or regulatory approvals; specify who must satisfy each condition and the timeline.
Consequences of breach for each party: deposit forfeiture, right to specific performance, termination procedures, and allocation of costs and attorneys’ fees if applicable.
| Field | Configuration |
|---|---|
| Signature Type | Electronic signature with timestamped audit trail |
| Authentication | Email plus optional SMS code for higher assurance |
| Conditional Fields | Reveal financing clause fields only if financed equals yes |
| Notifications | Automatic reminders every 3 days until signed |
Choose a platform that supports signed PDFs, audit trails, and integrations your workflow requires.
Due on signing or within specified business days
Length of exclusive reservation, fixed number of days
Date by which inspections must be completed
Target closing date or window for settlement
Last date for refundable deposit return
| signNow | DocuSign | Adobe Sign | PandaDoc | HelloSign | |
|---|---|---|---|---|---|
| Starting Price | $8/user/mo | $15/user/mo | $14/user/mo | $19/user/mo | $15/user/mo |
| Free Trial | 7-day free trial | Varies by plan | Varies by plan | Varies by plan | Varies by plan |
| Bulk Send | Yes | Yes | Yes | Yes | No |
| Audit Trail | Yes | Yes | Yes | Yes | Yes |
| HIPAA Compliant | Yes | Yes | Yes | No | No |
| Envelope Cap | No cap | 100 envelopes/user/year | Varies by plan | Varies by plan | Varies by plan |
Founder Tim Martin used a Reservation Agreement to hold multiple residential units pending financing
Founder John Butler implemented electronic reservation forms for patient scheduling
A Reservation Agreement is used by buyers, sellers, agents, and third-party escrow or title providers depending on the asset and transaction complexity.
Roles and responsibilities should be spelled out in the agreement to prevent confusion about who holds funds, who may cancel, and who must deliver required documentation.
A buyer representative signs on behalf of an individual or entity when they are expressly authorized via power of attorney or corporate resolution. Confirm written authority and record the signer’s title to avoid later challenges to enforceability.
Sellers or authorized listing agents bind the asset transfer terms; the agreement should state whether the agent can accept deposits and whether seller approval is required to finalize a reservation.