Reservation Fee and Cancellation Policy
To secure a booking for a property, unit or apartment (the 'Property') listed by MICHAELS PROPERTIES LTD, you will be asked to prepay a sum as a reservation fee (the 'Reservation Fee'), either through our online booking system or in person for on-site reservations. The Reservation Fee reserves the Property in your name until a formal lease or purchase agreement (the 'Agreement') is signed between you, as the client, and MICHAELS PROPERTIES LTD, as the owner or authorised representative (the 'Company').
The Reservation Fee is generally non-refundable. It will only be refunded in full, without interest, in the event that the Company is unable to provide you with the reserved Property.
Once the Reservation Fee has been paid and your booking confirmed, you and any guarantor will have five (5) working days to sign the Agreement electronically. Should you or your guarantor fail to sign within this period, the Company reserves the right, without further notice, to cancel the booking and retain the Reservation Fee. In such circumstances, you acknowledge that the Reservation Fee will not be refunded and that the Company may offer the Property to another prospective client. Any delay by the Company in exercising this right will not be treated as a waiver of that right.
Upon signing of the Agreement, the Reservation Fee will be applied towards the security deposit due under the Agreement, and the tenancy or use of the Property will thereafter be governed by the terms of that Agreement.