THE TOOLKIT

Reservation Agreements

Strengthening Commitment Between Buyers and Sellers

A Practical Tool for Reducing Risk

Reservation Agreements are short, formal contracts that set clear expectations after an offer has been accepted.
They help ensure that both buyers and sellers are genuinely committed to progressing the sale before the exchange of contracts.

Developed by the Home Buying and Selling Council (HBSC) with input from Government and industry partners, we have created an example Reservation Agreement template as part of the wider Home Moving Reform Toolkit – designed to build trust, reduce stress, and support a faster, fairer process.

How Reservation Agreements Work

Developed collaboratively with industry and Government partners, our example Agreement is designed for use after an offer has been accepted and before contracts are exchanged.

A typical Reservation Agreement includes:

A set reservation period (often 4–6 weeks) for legal checks to be completed
Mutual commitments from the buyer and seller to progress the sale in good faith
A small deposit, which may be forfeited if a party withdraws without an agreed reason
Clear guidance notes for agents, conveyancers, and clients explaining how the agreement should be used

The goal is simple: to reduce avoidable fall-throughs and improve confidence at every stage.

Read Our Plan for Reform

Why Reservation Agreements Matter

Reservation Agreements reduce wasted costs, delays, and stress by creating a clear commitment between parties.

They help to:

Strengthen commitment and transparency
Reduce failed transactions
Increase certainty for buyers and sellers
Support pilot schemes and data collection for reform
Provide a consistent process for managing early-stage withdrawals

Free to Use Under Licence

The Reservation Agreement is available through the Home Moving Reform Toolkit. Access all HBSC datasets, templates, and guidance in one free download.

Access the Toolkit

How It Fits Within the Toolkit

This resource sits alongside other HBSC tools that support faster, safer, and more transparent home moves. Together, they help professionals prepare homes earlier, reduce avoidable delays, and give buyers and sellers greater confidence.

It works alongside:

The BASPI - the standard dataset for sharing key property information earlier.
Upfront Information Guidance - helping homes become genuinely market-ready before a buyer is found.
Reservation Agreements - strengthening commitment and reducing fall-throughs.
New Build Snagging Framework – clarifying quality, communication, and inspection standards.
Data & Evidence Templates - supporting consistent monitoring of transaction performance and trends.

Together, these tools promote a smoother, safer, and more transparent home-moving experience from day one.