Private Sale Agreement

[Naus71]

Good morning everyone.

I have a question about buying a house in Bangkok. I wanted to know if a sales contract between private individuals (both Thai) drawn up and signed by both has legal value in the event of non-fulfilment or must be drawn up by a lawyer.

 

Best regards

[Delight]

As I see it you do not need   contract,

What you must do is both parties go to the land office  and transfer  your name to the chanote.

I describe the simple circumstance assuming that you are Thai national..

Given that you are not a Thai national-then you will need to set up  an accountant such that a Thai company can be set up.

If the advise is such that this is not possible-then the deal is off.

However the current owner can lease the property for max 30 years.

you will typically pay the full price -for the lease.

After 30 years the  control  reverts to the official owner.

 

[Naus71]

Thank you Delight for your answer.

I will add more details so maybe someone else could help me. My wife is buyng an house for her daughter in Bangkok but can't move to Thailand till August, so in agreement with the seller, she will pay a deposit right now and in August the purchase will be finalized. Obviously there must be a document to protect my wife for the deposit made.

 

[donx]

7 hours ago, Naus71 said:

Thank you Delight for your answer.

I will add more details so maybe someone else could help me. My wife is buyng an house for her daughter in Bangkok but can't move to Thailand till August, so in agreement with the seller, she will pay a deposit right now and in August the purchase will be finalized. Obviously there must be a document to protect my wife for the deposit made.

 

 

My wife did the same type of agreement years ago on a piece of land. Since she wasn't going to be in Thailand for a few months, her sister acted on her behalf setting up a purchase agreement with a deposit stating that my wife had until the end of July to complete the purchase. A small deposit of something like 5% or 10% of the price for the land was included with the purchase agreement.

 

It turned out that the owners actually hoped the sale would not go through because they either had a better offer or felt they could get a better price by the time my wife purchased the land. I don't think my sister-in-law used a lawyer to create or review the purchase agreement. Perhaps the sellers were the ones that drafted the agreement.

[CallumWK]

8 hours ago, Naus71 said:

Thank you Delight for your answer.

I will add more details so maybe someone else could help me. My wife is buyng an house for her daughter in Bangkok but can't move to Thailand till August, so in agreement with the seller, she will pay a deposit right now and in August the purchase will be finalized. Obviously there must be a document to protect my wife for the deposit made.

 

 

I have made a few of such agreements over the years, the latest just recently.

 

Your agreement should be signed by seller and buyer obviously, and 2 witnesses. One from the seller side and one from the buyer side.

 

I pay 10% deposit of the value, as I think that is the minimum to make it official.

Also there is a clause in the agreement that specifies the final date before the transfer has to be registered at the land department.

Another clause states that if the buyer skips on the agreement, the seller owns the deposit paid, while if the seller skips on the agreement the buyer is entitled to get the deposit returned PLUS a 100% compensation.

 

My contracts are also in Thai and English language, since in court the Thai language contract will prevail