An apartment building in Thailand can be registered and licensed as condominium (offering freehold unit ownership) or is not licensed under condominium laws (not offering ownership but possession, usually through a lease agreement). This is a condominium sale and purschase agreement for the resale of a licensed condominium between a foreign seller and foreign buyer of an apartment unit. Foreign ownership of an apartment unit in a condominium in Thailand is governed by condominium laws (specifically section 19 of the condominium act).
Condominium Sale and Purchase Agreement
Unit no. ___/__ ____
Name condo_____
Condominium under Title Deed no ____
THIS AGREEMENT is made on this _____ day of ___________ 20__
BETWEEN
Mr. _______________ a ______ national, residing at ____________ ________ ______ ________ ______________, and holder of ____ passport number ______ issued on __ date _____, as per the attached copy identification document (Attachment No.1) herein referred to as the ‘Seller’; AND
2) Mr. _______________ a _______ national, residing ____________ ______ _________ _______ ______________, and holder of _____ passport number _______ as per the attached copy identification document (Attachment No.2) herein referred to as the ‘Buyer'.
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WHEREAS
A) The Seller and the Buyer agree to enter into and execute this Agreement to set out the terms and condition of sale and purchase of the Unit (as detailed below) and Furniture (furniture means all furniture and fixture in the Unit as detailed in the Attachment No. 3).
B) The Seller is the legitimate owner and has the full right to sell the Unit no._____, ____ floor and the co-owner of the Common Property __name_____ Condominium registered under the Condominium Act B.E. 2522.
NOW, THEREFORE, both parties hereto do hereby agree to enter into an agreement according to the following terms and conditions:
1. The Property
The Seller agrees to sell to the buyer and the buyer agrees to buy from the seller the property known as Unit ___ (_) __ name condominium___ address___, Thailand with an area of approximately ____ square metres registered under title deed number ___, condominium number ___/__ on the __th floor and condominium record number _/___ as per the attached plan and copy title document (Attachment No.4) incorporated herein by reference and together with furniture hereinafter referred to as ‘the Unit’.
2. Purchase Price
The Seller agrees to sell the Unit and furniture to the Buyer for the sum of ___numbers____ (__ in writing ____ Million) Thai Baht only (the ‘Purchase Price’).
3. Terms of Payment
3.1 On the execution of this Agreement, the Buyer agrees to pay a holding deposit of __ numbers _____ (__writing___) Thai baht (the ‘Deposit’) to the Seller to secure the purchase of the Unit.
3.2 The remaining balance of the Purchase Price in the sum of __numbers_____ (__writing___ ) Thai baht will be paid by the Buyer to the Seller by a cashier cheque on the settlement day at the Land Department at the time of registration of the transfer of ownership.
4. Transfer of Ownership
The Buyer and Seller agree to transfer the ownership of the Unit from the Seller to the Buyer within __number__days (____in writing________ days) of the date of this Agreement .
The Buyer shall be obliged to prepare all necessary documents to support the registration of the ownership transfer (Foreign Exchange Transaction Form), to the extent of such part that is in connection with the Buyer. The Seller shall prepare and bring all necessary documents to support the registration of ownership transfer, to the extent of such part that is in connection with the condominium and the Seller’s responsibility.
5. Delivery
The parties agree that the Seller agrees to deliver the Unit free and vacant (together with its keys and any documents related to the Unit and furniture) to the Buyer or his authorized representative on ____ 20__. If the Buyer fails to present himself to accept delivery of the Unit within such period, it shall be deemed that the Unit and the furniture has been delivered to the Purchaser in good condition, and the Buyer shall have no right to claim for any compensation whatsoever in connection with defects in the Unit.
6. Parking
The purchase .............. ............................. ......
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7. Other Charges
The communal charge .............. ............................. ......
8. Taxes and Expenses Relating to the Transfer of Ownership
The following taxes .............. ............................. ......
9. Seller’s Covenants
The Seller has the full right .............. ............................. ......
9.1 .............. ............................. ...... ...................... ... ........................ ....... .. ....... .................. ................ . .................... ........ ............
9.2 .............. ............................. ...... ...................... ... ........................ ....... .. ....... .................. ................ . .................... ........ ............
9.3 .............. ............................. ...... ...................... ... ........................ ....... .. ....... .................. ................ . .................... ........ ............
9.4 .............. ............................. ...... ...................... ... ........................ ....... .. ....... .................. ................ . .................... ........ ............
9.5 .............. ............................. ...... ...................... ... ........................ ....... .. ....... .................. ................ . .................... ........ ............
10. Termination of Agreement
10.1 In the event that the Seller .............. ............................. ...... ...................... ... ........................ ....... .. ....... .................. ................ . .................... ........ ............
10.2 .............. ............................. ...... ...................... ... ........................ ....... .. ....... .................. ................ . .................... ........ ............
10.3 .............. ............................. ...... ...................... ... ........................ ....... .. ....... .................. ................ . .................... ........ ............
10.4 .............. ............................. ...... ...................... ... ........................ ....... .. ....... .................. ................ . .................... ........ ............
11. Assignment
The Buyer may .............. ............................. ......
12. Arbitration
This Agreement .............. ............................. ......
13. Notices
Any notice to .............. ............................. ...... ...................... ...
14. General
14.1 The heading of Clauses .............. ............................. ...... ...................... ... ........................ ....... .. ....... .................. ................ . .................... ........ ............
14.2 .............. ............................. ...... ...................... ... ........................ ....... .. ....... .................. ................ . .................... ........ ............
14.3 .............. ............................. ...... ...................... ... ........................ ....... .. ....... .................. ................ . .................... ........ ............
THIS AGREEMENT is made in duplicate, each with equal tenor and effect. Both parties have read and understood the purpose thoroughly and finding that the Agreement is in accordance with their intent in every respect, have set their hands and seals if any in the presence of witnesses in evidence hereof.
Signature page follows
Translation
Note: At the time of transfer of ownership at the Land Department there will be a separate ownership transfer document with the basic details in Thai only. This Land Office document with the Garuda symbol at the top is the official sale and transfer document. This English language document is the agreement between the parties only containing the terms and conditions of the sale and can be used in court.
No translation of this re-sale condominium unit sale and purchase contract is required as long as both parties have sufficient English language skills.
In case of the sale of a newly built condo project the developer must use a specific government approved sale contract with minimum consumer protection clauses, this standard approved sale contract is part of the condominium licensing procedure).