For many people, buying a property is one of the most important and emotional decisions in life.
Whether it’s done with a mortgage or paid in cash, it’s always a big step — you’re either spending your hard-earned money or taking out a loan for 20–30 years to make your dream come true.
That’s why it’s worth knowing what types of agreements you’ll need to sign to officially become the owner of your new home.
Reservation Agreement
This is often the first agreement signed with a developer (sometimes with a private seller, though that’s rare).
It’s a civil contract, not a notarial deed, under which you “reserve” a specific apartment or house.
Typically, this type of agreement is signed while the property is still under construction, so it mostly applies to the primary market.
A reservation agreement is sufficient to start the mortgage application process, but to receive the final loan approval (for primary market purchases from a developer), you’ll need to sign a developer agreement.
Developer Agreement
This also applies to the primary market and properties still under construction.
It’s usually signed as the next step after the reservation agreement, although sometimes developers skip the reservation stage and require signing a developer agreement directly.
This contract must take the form of a notarial deed and specifies detailed payment schedules and deadlines, which the buyer is obligated to follow.
In the mortgage process, it doesn’t really matter whether you’ve signed a reservation or developer agreement — skipping the first one simply shortens the transaction process by one stage.
Preliminary Agreement
Used primarily on the secondary market, but sometimes also on the primary market in specific cases.
On the secondary market, it’s the first agreement signed with the seller.
It can be a civil contract or a notarial deed.
This agreement is essential if you plan to apply for a mortgage — without it, your loan application cannot be submitted.
On the primary market, a preliminary agreement applies when the property already has an occupancy permit.
Why this distinction? Because such a transaction doesn’t fall under the Developer Act, which protects buyers only in cases where the developer still needs to finish construction.
Transfer of Ownership Agreement
This is the final step.
The agreement should (though technically doesn’t have to) be signed as a notarial deed.
It’s executed after the seller or developer has received the full payment specified in the previous agreements.
On the secondary market, this contract can usually be signed immediately after securing financing.
On the primary market, the process takes a bit longer — a separate Land and Mortgage Register must be created for the purchased property, which can take up to six months.
