Reviewing a sales contract is an important step in any property transaction in Thailand. Here are some key points to consider when reviewing a sales contract:
- Verify the property details: Make sure that the property details in the contract, such as the address and land area, match those of the actual property.
- Check the ownership: Verify that the seller is the legal owner of the property by checking the land title deed.
- Confirm the sales price and payment terms: Ensure that the sales price and payment terms are clearly stated in the contract, including the deposit amount and the payment schedule.
- Review any contingencies: Contingencies are conditions that must be met in order for the sale to proceed. Make sure that any contingencies, such as obtaining financing or obtaining certain permits, are clearly stated in the contract.
- Check for any warranties or guarantees: The contract should specify any warranties or guarantees that the seller is providing, such as a warranty of title.
- Review any penalties or damages: Make sure that the contract specifies any penalties or damages that may apply if either party breaches the contract.
- Seek legal advice: It is highly recommended to seek legal advice before signing a sales contract in Thailand, especially if you are not familiar with Thai property laws.
Overall, it is important to carefully review and understand the terms of a sales contract before signing, to avoid any potential issues or disputes down the line.
