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Advice regarding a purchase LOI


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I'm hoping someone with experience purchasing a condo in Thailand can offer some insight into the LOI and purchase agreement process:

My friend has selected a condo and is preparing to buy it. Her lawyer has sent over a pre-purchase Letter of Intent to sign with the seller. But here's the problem: The LOI appears to be binding.

I have signed many LOI's but I've never seen one which binds the buyer, and commits the buyer to completing the purchase process.

Her lawyer has told her "This is how it's done in Thailand"

This makes no sense to me (or her). If the LOI states that a buyer will complete the sales process, then it would seem to be a purchase agreement and obviate the need for latter agreements.

Anyone?

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What other clauses does your friend expect to see on a Letter of Intent other than the intentions of both parties?

I would expect to see NOTHING other than the intent of both parties. A binding agreement to finalize the transaction is totally out of place in any LOI, IMHO.

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What other clauses does your friend expect to see on a Letter of Intent other than the intentions of both parties?

I would expect to see NOTHING other than the intent of both parties. A binding agreement to finalize the transaction is totally out of place in any LOI, IMHO.

Does you friend think that 'intent' means 'Definite Maybe'?

Your friend is either going to purchase or Not!

All the binding agreements take place at the land office.

As Kittenkong states the process for buying a condo in Thailand in simple. Your friend will need a FET(Foreign Exchange Transaction Certificate-this verifies that the funds have entered Thailand legally) plus funds to pay the transfer taxes and to purchase the condo. The entire transaction will take place at the land office. The output of the process from your friend's position will be she will have the Condominium Title Deed(sometimes and inaccurately referred to as a Chanote) in her name. This is issued by the land office.The seller will have the money.

There is no real need for a lawyer. It's not much more complicated than buying a second hand motorbike.

(The foregoing assumes that it is not a purchase of a brand new condo and the condo is in a foreigners name.)

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