Whether you are buying a new house or an old one, you will probably have to sign a sales contract. This is an important document that will help you protect your rights as a purchaser of real estate in Thailand. Moreover, it will prevent you from facing unexpected issues in the future.
Sales Contract in Thailand
The main purpose of the sales contract is to define very precisely what is expected from the seller for the buyer. It is also about limiting the risk of disputes and ensuring that both parties have a solid relationship. This type of document is often signed in the context of a long-term sale or lease.
A good sales contract is usually drafted with legal experts, who can advise you on the best way to write it and customize it to your needs. The law firm you hire should be able to offer specialized assistance with this type of document, as it is highly complex.
If you are going to buy a property in Thailand, make sure you have a copy of the title deed and the sale contract. These documents are essential for any legal proceeding. They will provide you with proof of the title and can help you avoid problems down the road.
In addition, the agreement should specify the price of the property. This will be useful in the event of any legal dispute later on, as it can help to determine the amount that should be paid by the seller.
Another very important point that should be stated in the sale contract is the payment schedule. The payment schedule should include the date that the purchase must be completed and how it must be transferred to the seller. This is very important, as it will prevent any surprises down the line and ensure that you get your money in time.
The payment schedule in a sale and purchase agreement is regulated by the escrow business act 2008. It should be clearly stated in the sales contract as well as in the title deed.
You can include in the sales contract any terms that you consider to be important. These terms can include the transfer date of the property, the responsibilities of the parties and any other relevant information. You should also ensure that the information is correct and that it is up to date.
If you are planning to buy a condominium in Thailand, you will need to sign a condo unit sale and purchase agreement. This will indicate the details of the condo unit you are buying and the buyer(s).
In addition, this agreement will specify any fees associated with the sale. These fees will vary depending on the condo building.
A sales contract will also contain information about any deposit that was paid to secure the purchase. It is recommended that you store the original copy of this document, so that it can be easily retrieved in the future.