Legal Question in Real Estate Law in Philippines

It may amount to a contract to sell. But in practice it is somewhat akin to an option contract given to a would be buyer. Once the period provided in the reservation contract for the would be buyer to enter into a contract of sell by way of paying the required equity subject to the payment of the monthly amortizations in a given year and the would be buyer fails to comply then the reservation fee is usually forfeited. The property reserved will once again be open for sale to the public.