A reservation contract's fine print determines what happens if delivery slips, if the unit doesn't match what was promised, or if you need to cancel. These four clause types deserve close attention before signing; a lawyer should review the full document.
Clauses to check closely
Ask specifically about each of these if the draft contract doesn't address them clearly.
This checklist is educational and not legal advice. Have an independent lawyer review the full contract before you sign.
Delivery date and penalty clause
Confirm the contract states a specific delivery date, not a vague estimate, and check whether there's a defined penalty if the developer misses it — and how that penalty is actually calculated and paid, not just referenced.
Payment schedule binding language
Confirm the payment schedule itself (amounts and due dates) is part of the binding contract, not just a separate, informal document that could be changed unilaterally later.
Unit specification lock-in
The contract should lock in the specific unit's area, finishing level and included fixtures as agreed — not leave room for the developer to substitute a materially different specification at delivery without your consent.
Cancellation and refund terms
Confirm exactly what you're entitled to if you need to cancel — full refund, partial refund, or forfeiture — and under what conditions and timeline. This is one of the most commonly overlooked clauses until it's needed.
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Frequently asked questions
What happens if the contract doesn't specify a delivery-delay penalty at all?
That's a gap worth raising before signing, not after u2014 ask for one to be added, or have a lawyer assess what recourse exists without an explicit clause under applicable law.
Can a developer change the unit specification after the contract is signed?
It depends on exactly what the signed contract allows u2014 this is precisely why a clear specification lock-in clause matters. Without one, there may be more room for the developer to substitute materials or layout details than a buyer would expect.
Is a verbal promise about delivery date enforceable if it's not in the contract?
Generally, only what's in the signed, written contract is reliably enforceable u2014 get any delivery-date commitment in writing before relying on it.
Should I sign a reservation contract the same day I'm shown it?
Not if you haven't had time to review it, ideally with a lawyer. Pressure to sign quickly without review time is itself worth treating as a caution sign, not just an inconvenience.
Prices and availability must be reconfirmed before reservation.