A Contract to Sell (CTS) is a legal document commonly used in re-sale properties. It outlines an agreement between the seller and the buyer, with the seller promising to sell the property to the buyer and the buyer promising to buy the property. There is no transfer of ownership here. The agreement is that the seller commits to sell real property to the buyer who, in turn, promises to buy it.
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The Reservation Agreement is commonly used by Property Developers to reserve a unit/property. The agreement gives emphasis on the terms and conditions on the payment of reservation fee for a certain project. It stipulates that when the buyer does not proceed to sign the contract to sell or does not pursue with the purchase, the buyer agrees that the reservation fee will be forfeited.
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