Real estate contracts are used to transfer real property from one person to another. The real estate contract will contain the terms of the sales agreement between the seller and the buyer. The sales agreement details how the seller will transfer the property, the responsible party for the sales taxes, and contingency actions if the sale is not completed. In Thailand, specific regulatory requirements must be met to ensure the legality of the property transfer. The primary issue for foreign nationals is that the property contract is written in Thai.
After an initial deposit, a contract for the sale to purchase land is issued by the seller. The sales contract is usually written in Thai and is translation into English, if the purchasing party is a foreigner. Before signing the sales contract, a buyer should read and understand the contract thoroughly. It should reflect the basic rights of the consumer. And the contract should be legal, complete, and enforceable. The Thai version of the contract will be used in a court of law in case of a disagreement.
The foreigner should be represented by independent counsel to ensure that the English translation conforms to the original Thai document. A competent property attorney can recommend amendments to the contract to ensure that it meets the needs of their foreign client. In addition, an attorney can ensure that there are no hidden provisions or charges in the contract.
For a foreigner who has leased land in Thailand, it is important to ensure that their rights are protected. The rights include the right to use the land and build on the land for the purpose intended by the foreigner. These are separate from the right to own the land. Generally the right to lease the property can be given for up to thirty years. The rights should also be transferred if the property lease has been extended. All of these documents should be properly registered with the local provincial government.