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The term reservation fee, refers to the fee charged by a hotel for booking a room. It is very similar to a Security Deposit meaning it is paid in order to secure the room of the buyer. Though it is only then refundable if the buyer cancels the booking before the fees deadline.
Reservation Fee is non-refundable and is only valid for thirty (30) days.
An agreement between a buyer and seller of land involving a written statement of intent (subject to contract and whether or not a fee is paid) to buy and sell a property.
When you've found your dream home, it's time to put down your reservation fee. This holds the property for you for an agreed amount of time so that no one else can reserve it. Once the sale goes through, you'll get the reservation fee back (it will be deducted from your purchase cost).
A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another.