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Signing a contract

A contract with the seller should be sighed only after checking his documents confirming his property rights. In Thailand, there is no single document of purchase and sale of real estate, so the various agencies offer different forms. However, in any contract there is information about a seller, a buyer, a purchase description, a real estate value, an amount of advance payment, terms of the contract and which party pays the taxes.

In order to confirm the intention of purchase, a buyer at the moment of signing the contract pays a seller an advance, which on average equals 10% of the total value of the real estate. The contract also states the exact date when a buyer agrees to pay the remaining amount of money. Usually this period is about ​​2-3 weeks, but by mutual agreement it may be extended or reduced.

The agreement also regulates legal penalties to the parties in case of failure of performance. Thus, if within agreed-upon time limits a buyer has not paid the remaining amount, a seller has the right to cancel the sales contract without the refund of an advance. Vice versa, if within agreed-upon time limits a seller has not transfered the property to theownership of a buyer, he is obliged to pay a fine of 20 to 100% of the advance payment.

IMPORTANT!
    Only contracts signed in Thai or English are considered legitimate. Documents in Russian do not have legal force and are not taken into account by the local courts. Even if you have two copies of the contract - English and Russian, in case of judicial dispute, a court will take into account only the English version of the contract.

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