Reminder on the overall characteristics of the contract
There must be 2 copies: 1 for the seller, 1 for the buyer and a copy that we keep in our sales records.
In the case of the seller, the most important part is typically to receive the full payment as promised by the buyer, but the contract also deters a last-minute withdrawal by the buyer. This is so the seller won’t be put in a delicate situation by the loss of other potential buyers. This is why the payment of a deposit by the buyer to the seller is an almost regular clause.
This payment must be made by means of a cashiers check and issued by a Thai bank, again, helping to avoid a last-minute withdrawal.
The Content of the Contract
Like any contract, the sales contract must contain certain clauses. Although the vast majority of these clauses are common sense, it is always good to remember them:
- Buyer and seller will each have their name, nationality, ID number and residential address stipulated.
- The detailed characteristics of the property of interest to the real estate transaction: property number, address, area, current owner and presence of parking space.
- The price agreed between the buyer and you: Written, as well as the method to receive the payment
- The agreement between the parties regarding the payment of various taxes, fees and other expenses.
- Signature of stakeholders and witnesses (usually 2) when signing the contract.
- The identification document of the buyer and the seller but also any other useful document when concluding the contract such as the title deed, or the ground plan of the property. These documents will be presented in the appendix at the end of the contract.
Obligations of the Seller
The seller has the obligation to pay all the fees and taxes generated by the sale of the property as seen previously. In fact, with the exception of the transfer fee, 50% of which is in practice is borne by the buyer, the commission fees of the real estate agency as well as other taxes (income tax and business tax between others) are the responsibility of the seller.
In addition, you will have to complete all the steps necessary for the transfer of ownership, particularly in regards to water and electricity from the Building Juristic Office in the instance of a condominium sale.