If you buy real estate in Thailand, the seller usually provides a Sale and Purchase Agreement or a Contract of Sale after a deposit has initially been put down. The agreement may be written in Thai or English. Reviewing this contract is imperative if you wish to make sure your real estate purchase is legitimate.
While a title deed is designed to describe the location and rights of ownership, a sale and purchase agreement defines the process of the sales transaction. It also underscores certain terms and conditions for sale.
In Thailand, the sales contract is set up to describe and list the basic obligations or rights involved in the real property sale. It does not get more detailed than that, as it might in other countries. For example, a more exhaustive sales agreement may permit certain contingencies, such as a buyer or seller defaults.
Therefore, you need to have the contract reviewed for the following reasons:
As you can see, reviewing the contract is necessary if you want to make sure your consumer rights are protected in the purchase or sale of real estate.
If you wish to build a structure on land that you wish to purchase, you need to make sure that you are permitted to do so. Reviewing the contract will help you determine your right to superficies – a right that may be established for a certain period, or during the life of the landowner.
When a contract is reviewed, it affords the buyer of land to realize the following:
After a contract review in Thailand, lawyers will contact the seller if he or she needs to make any amendments to the agreement. Amendments may include protecting the buyer’s rights, for example, if there is a building delay.
After the amendments are included in the contract, the seller reviews the agreement one last time.
If you need the assistance of a property lawyer in Thailand, please contact us.