The sale and purchase agreement (SPA) are one of the most vital documents for purchasing or leasing a Land, House or Villa in Thailand. It is very important the before you engage in any deals you must review it property or draft your own SPA.  It is an important document because it is a legal contract that confirms the respective rights, responsibilities and obligations of the parties. Should the seller have the intention to cheat or conceal certain facts related to the property he will generally not be willing to sign a detailed sale and purchase agreement. Land and house sale and purchase agreement. This legal contract is drafted under Thai law can be used for real estate transactions in Thailand and obligates a buyer to buy and a seller to sell the property and details the terms of the transaction.

Sale and Purchase Agreements binds both the “buyer” and the “seller” to a contract that clearly states their obligation to one another. Furthermore, a sale and purchase agreement see to it the all the significant details such as the rights, duties and responsibilities of each party has agreed to undertake. It is important that both parties have a thorough understanding that these stipulations, as a rule, carry legal implications that any court of law is required to recognize and enforce. As such, there is a need for every buyer to have a working knowledge of how these stipulations operate. It is a must to have a legal advisor or lawyer to assist you with drafting or checking the sale and purchase agreement that you will enter.

 

Table of Contents:

  1. Importance of Sale and Purchase Agreement 
  2. Our Sale and Purchase Agreement Review Service

 

1. Importance of Sale and Purchase Agreement 

The sole purpose of sale and Purchase Agreement is not just to discuss the terms and conditions of the property acquisition as well as the duties and responsibilities of each party, it is to protect the interest of the buyer and the seller. Majority of the deals in Thailand enters this agreement to make sure that they are going through the right track, this is also to make sure that even though there are provisions for Foreigners in terms of property acquisition in Thailand, they still get the best part of the deal.

Reviewing the sales and purchase agreement is important as well because you will be able to check the clauses and its pro’s and con’s. The significance of this agreement will be determined as well as the benefits it will give the buyer and the seller. Furthermore, the sale and purchase agreement can make sure that it is equally beneficial for both parties.

Lawyers can thoroughly check the sale and purchase agreement for you as well as draft your counterpart. The lawyer or your legal advisor shall check the following on the sale and purchase agreement:

  • The land title “Nor Sor 3 Gor or Nor Sor 4 Jor (Chanote)”. A chanote title deed is the best title as this is a full ownership deed.
  • Verification of the Title deed (translation into English is applicable)
  • Value of the property assessed by the Government
  • Review of all information including all the Clauses and Addendum (if any)
  • Review of the Tabien Baan (House Book)
  • Review of the Building Permit and previous land office sale agreement of the property (if any)
  • Checking the property for legal burdens such as mortgages, leases, superficies and a servitude for a neighbouring land.
  • Seller’s Good Moral and Background review (if applicable)
  • Check if the building is under some restrictions
  • Access of the property to the Main Road and connection to main utilities such as water and electricity etc.
  • Confirmation of the actual size (of the land and such)

2. Our Sale and Purchase Agreement Review Service

Here at Sabai Property Law Firm, we make sure that every inch and detail of the sale and purchase agreement will be thoroughly checked. Each clauses of the agreement will be studied by our professional team dedicated to property acquisition for foreigners here in Thailand. Our service is not limited on just checking the sales and purchase agreement but it also includes creating a counter for the sales and purchase agreement and provision legal advice that will be beneficial on your side.

Our Sale and Purchase Agreement service includes but not limited to:

  • Checking the benefits of the Agreement and making sure its beneficial for your side.
  • Accuracy of each clause of the Agreement
  • Drafting a sale and purchase agreement (if must)
  • Checking the terms for payment and if must negotiate with the seller with regards to the price and payment (installment and such)
  • Providing revisions and amendments as well as a counterpart of the agreement under your side
  • Documentation of the sale and purchase agreement notes
  • Finalization of the sale and purchase agreement

We understand the intricacies of property acquisition in Thailand, our lawyers have vast experience when it comes to handling Foreigners entering a deal about real estate matters. Our law firm is dedicated in providing the best service for our clients and well as we make sure that it will be beneficial on our client’s side. Sabai Property Law Firm is always here to assist you with any contract or agreements.