What should buyers and sellers pay attention to in Thai real estate transactions?

China people need to pay attention to several aspects when buying a house in Thailand:

As far as the contract is concerned:

When you buy a property in Thailand, in most cases, the seller will provide you with a purchase contract or purchase agreement after you pay the deposit. The contract or agreement is in English or Thai. It is very important to carefully check the contents of the contract before signing it. Sometimes you may need to translate files and execute two versions.

Importance of reviewing procurement contracts

Although the title deed of the property has accurately described the basic situation, location and owner of the property, the purchase contract also accurately described the time and conditions for the seller to sell the property. In Thailand, the conventional purchase contract only lists the basic contractual rights, but does not list all the rights and obligations of the buyer and the seller in detail. Detailed sales contracts, like those in many other countries, may deal with many unexpected situations, such as breach of contract between buyers and sellers.

Therefore, you should carefully review this Thai real estate contract:

1. Correctly understand the contents of the house purchase contract to ensure the smooth purchase.

2. In some cases, the contract may omit some negotiation results reached between you and the seller, and these results should be recorded in the contract.

There may be some important clauses missing in the contract. For example, there is no clear payment of property taxes and fees in the purchase contract.

4. There may be a lack of relevant clauses in the contract about the completion of the auction house and how to pay the fine for the developer who delays the completion.

Usually, unfinished real estate projects will be accompanied by construction plans, sketches or engineering blueprints in the purchase contract. In order to deliver faster, the contract should clearly describe the timetable and construction standards.

Delivery:

What problems should I pay attention to when buying Thai real estate?

I. Time frame

(1) When buying a house, there should be a time range in the contract, which clearly stipulates the commencement date and completion date.

(2) Check all the extension clauses to see if there are any clauses that delay the developer to complete the project for several months without any punishment.

Second, the price

(1) The property price, payment terms and payment methods should be clearly stated in the contract, and it is better to list a timetable in the contract.

(2) After the construction is completed, the area may change, so the area of the completed property should be accounted for. At the same time, beware of the extra costs that have not been negotiated with real estate developers.

Third, the buyer defaulted on payment.

(1) Ensure that the liquidated damages will not be too heavy for the buyer.

(2) The contract clause of "immediately terminate the contract and detain the payment paid by the buyer" is very common, but the buyer should try to ask for a period of time in the contract to make up for the breach of contract.

Fourth, the developer breached the contract.

Guarantee that if the developer can't complete the construction due to insolvency or other reasons, he can get a full refund.

Five, building decoration standards

(1) A list of all materials used in real estate construction should be attached to the house purchase contract, including the quality, quantity and model of the materials used. Generally speaking, the more detailed, the better.

(2) Pay attention to the clauses in the contract that allow the developer to use "similar or better quality" materials for replacement, and ensure that such contracts are drawn up with the final decision of the buyer.

Six, building plan

(1) Ensure that the building plan is attached to the house purchase contract.

(2) Pay attention to the clause in the contract that allows the real estate developer to "modify" the floor plan but is "similar" to the agreed floor plan. Whether these deviations are subtle or not, they should be clearly stated in the purchase contract.

Seven. Land owner

(1) When signing the first agreement, it should be clear that the real estate developer is the legal owner of the relevant land.

(2) Supplementary clauses can be added to the agreement. For example, at present, the developer has not obtained land ownership, and the buyer can unilaterally terminate the agreement and get a full refund.

Eight. transfer

(1) Many things are unknown, so there should be corresponding "exit clauses" in the contract to avoid changes in the plan.

(2) The transfer clause allows you to transfer the original contractual obligations to a third party, and the developer has the right to decide the procedures that should be paid for this practice. The transfer clause also allows you to choose to resell the property when the market is favorable.

X. Dispute mediation

(1) No matter how careful you are and how good your relationship with the developer is, there may be disputes.

(2) There should be an arbitration clause in the contract in order to solve all kinds of disputes. Compared with judicial proceedings, the cost of arbitration is not high and the process is not complicated.

In short, although the procedures for buying a house in Thailand are not very complicated, all buyers still have to play an extremely important role, carefully study the details of the property and the details of the contract, and it is best to have professional legal personnel to guide them to ensure their investment safety to a higher degree.