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The Contract
In Thailand, the contract will vary depending on whether you are buying the property from a developer or a completed property from an existing owner.
The developer will have a standard contract which will vary depending on the developer and also upon the status of construction. You must get an opinion from an attorney on this to ensure that your interests are taken care of.
When purchasing a ready condo, you should get a contract drawn up by an attorney. The contract should provide for the payment of a deposit (say 10%) and binding both you and the vendor to the agreed price for a given length of time (say two to three months.) The deposit would normally be non-refundable unless there is a default by the vendor, in which case there may be a clause for a penalty payble by him to you.
Although the concept of placing the deposit in escrow is relatively new in Thailand, it is advisable to insist on this to remove the risk involved in getting your deposit back in case of default by the vendor.
You should also find out other costs related to the purchase such as transfer fees, taxes, legal fees etc. and the contract should state who is responsible for these payments. You should bear in mind that in Thailand there is an income tax assessment made at the time of the sale and the sale is often declared at a price close to the minimum value at which the Government asseses the property. It is imperative that this is agreed to in advance so as to avoid any disputes later.
Documentation in Thailand is more extensive if you are purchasing the property in the name of a company, but for purchase in your individual name, the basic documents required are:
- Your passport if you are in Thailand
- Thor Tor 3
- The contract.
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