G. POOL VILLAS

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Purchasing: The Process

Step 1 – Agreement of terms and conditions

Ensure all parties understand and agree the major terms and conditions of the transaction such as. Reservation deposit of 100,000 THB, will remove the property from the open market, the reservation deposit is fully refundable, Subject to Failure of the Developer to deliver.

Step 2 – Sales and Purchase Agreement

Typically you will have 30 days to review the terms and conditions of the Sales and Purchase Agreement which contractually outlines the conditions of sale. During this period, buyers have the option to appoint an attorney in order to conduct a legal due diligence on the contract, and land title deed.

Step 3 – Settlement & Transfer

Parties to the transaction (or their representatives – agent/lawyer) will set a transfer date at the government land department. The buyer will prepare funds for the balance of the purchase (minus deposit) and the seller will present the original ownership documents to facilitate the transfer. It is common for the buyer, seller or even both parties to appoint a representative through a Power of Attorney to execute the transfer on their behalf. The mechanism of transfer at the Land Department (handover over ownership and payment) can either be through telegraphic transfer (typically to a legal representatives account) at which point a cashiers cheque will be drafted and presented by the buyer or their representative once the property has been officially transferred.

Purchasing: The Process in Steps

Step 1 – Unit selection and agreement of terms and conditions:

Ensure all parties understand and agree the major terms and conditions of the transaction

Step 2 – The purchase price: Reservation deposit:

Reservation deposit: 100,000 THB, the reservation deposit is fully refundable. Included in the purchase price: List of Furniture or Fittings. Taxes and transfer fees

Step 3. Payment schedule:

40% Deposit: upon the Delivery of the land to buyers name
20% First Installment: Finishing Foundations and Register Building
Permission to Buyers Name.
10% Second Installment: Finishing walls & roof Structure
10% Third Installment: Finishing Pool Structure
10% Fourth Installment: Finish all Installations, Windows, Doors, Electric, and Water System
10% Fifth Installment: Hand over, Connect electric and water supply to the house

Step 4 – Snag List:

Two to three weeks prior to handover a snag list will be created to correct any defects in the property prior to handover.

Step 5 – Transfer:

When the build is finished the Developer will serve a notice to complete. You’ll pay the rest of the purchase amount and the property is yours. You are not required to be in Thailand to complete the handover process. This can be executed by a 3rd party on your behalf.

Disclaimer:

The information provided is for informational purposes only and should not be considered legally binding until a sales contract is executed. Buyers should seek legal guidance to ensure compliance with all relevant laws and regulations regarding property acquisition in Thailand.