A sales and purchase agreement (SPA) is a binding legal contract between two parties that obligates a transaction between a buyer and a seller. SPAs are typically used for real estate transactions, but they are found in all areas of business.
Why is SPA necessary?
The agreement finalizes the terms and conditions of sale which is the most important negotiations between the buyer and the seller. The SPA will be the most helpful evidence for both parties when the dispute has occurred in the future. According to Thai Law, Thai Court shall admit the prove of negotiations by agreement or earnest is given or there is part performance only. Especially the sale of immoveable property is void unless it is made in written and registered by the Land Office only.
Rights of Buyer and Seller after default?
In case of seller is default, Rights of Buyer:
- The right of claim to comply with an agreement which means forcing the seller to register of conveyance and accept the rest amount of sale price deducted from the earnest and pass on the title deed to the buyer or;
- Right to terminate the contract and the seller shalll return the earnest plus interest 7.5 per year and damages.
In case of buyer is default, Rights of Seller:
- The seller has the right to forfeit the earnest by giving the prior notice letter to the buyer.
Our Services
We are specialized to draft and review the SPA and provide you the comprehensive services in land and house or condominium conveyance registration.
- Draft and Review SPA
- Draft and Review Addendum of SPA
- Conveyance Registration
- Translation and Gramma Correction
- Legalization by Ministry of Foreign Affair
- Legalization by Embassy
- Power of Attorney
- Notary Public
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