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Drafting a Sales and Purchase Agreement
Sales and Purchase Agreement legally binds both the buyer and the seller to buy and to sell a property. Its purpose is to set out clearly what each party has agreed to. Buying a property in Thailand may be a bit complicated especially for Foreigners that’s why it is a must to draft a Sales and Purchase Agreement for any significant property deals and acquisitions one will enter.
In the simplest form of a sale where the property being sold is wholly owned by a single person or parent company and is being bought by a single buyer, there are only two parties to the agreement. However, additional parties will be involved where, for example, there are multiple shareholders in the company being sold.
Sales and Purchase Agreement offers a more detailed payment plan and provides warrant on the property being dealt with by the buyer and seller. It also allows both parties more flexibility prior to completing the agreement by arranging terms to secure the legality of the property being sold before they are purchased.
