Many people who are going to buy a house or buy a condo have probably heard of “Contracts to buy and sell”. How is it important? And what is there to know? Today we will tell you about the importance of buying and selling contracts.
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- What is a contract to buy and sell a house?
- Objectives of the purchase and sale agreement
- Things that must be specified in the purchase and sale agreement
What is a contract to buy and sell a house?
contract to buy and sell a house
Is a contract that shows the intention of the seller and the buyer Made to create a legal relationship between the buyer of real estate and the seller of real estate. Considered as an indication of both parties’ intentions. and specify various agreements If the parties breach the agreement The other party can sue. The contract to buy and sell a house will be a complete house purchase contract only when the buyer and seller register the transfer of ownership at the land office only.
Purpose of the purchase and sale agreement
Importance of a purchase and sale contract
- Apply for loan.
buy and sell contract Used as a supporting document for applying for a loan with a financial institution. When making a purchase and sale contract, it is binding on both parties.
- For legal use.
The contract to buy and sell will Can be used as evidence in litigation if either party breaches the contract
Things that must be specified in the purchase and sale agreement
Things that must be specified in the purchase and sale agreement
1.Date of contract to buy and sell
In an agreement to buy and sell land The date of signing of the contract must be indicated in the header of the contract. to show the legal effective date.
2.Details between the parties Details between the parties
is information that shows the identity of buyers and sellers to supervise whether the contract to buy and sell the house is made
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- The information on the contract will include
- name, age, address “buyer” or “seller” according to the details in the ID card of both parties In the contract should verify that all information is correct. If the name of the contracting party is wrong may result in voiding the contract
- The information on the contract will include
3.Details of real estate
buy and sell contract There must be important details of the real estate such as title deed number, land size, building type. building number and the administrative area where the land is located (tambon, district, province)
4.Purchase price and payment details
The contract must clearly specify the price of the real estate that is agreed to be sold. both numbers and letters
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- In the event that a deposit has been placed Must specify how many baht the buyer has paid before How to pay Reference number, bank, branch, and payment date should be provided. how to pay How much installment per installment? And how much more is left over to be paid on the day of ownership transfer at the land office? must be clearly stated
5.Term of Contract and the date of ownership transfer
The contract must specify a time period. and the date of ownership transfer within the time specified by the parties as you see fit
6.Details of ownership transfer expenses
The contract must specify the person responsible for the expenses incurred. from the transfer of ownership
7.Liability in case of breach of contract
The contract must specify liability on the part of the buyer or seller. If such a situation occurs
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- For example, if the purchaser breaches the contract Go to transfer the ownership on the date agreed in the contract. Let the seller cancel the contract to buy and sell. and forfeit the deposit deposited or in the case of a seller breach of contract, not to transfer ownership to the buyer on the day of ownership transfer Allow the buyer to request a refund of the deposit and sue the seller to proceed with the transfer of ownership under the contract.
8.Other terms and conditions
Agreements between buyers and sellers It can be in many cases, such as contract termination details. home warranty which will be specified at the end of the contract. It is another detail that must be paid attention to that both parties are treated fairly.
9.Parties signed and witnesses
The last part of the contract is the signed acknowledgment and acceptance of the terms of sale and other conditions, certifying that the contract is made in two copies. with completely identical content for buyers and sellers Each party must have one witness for acknowledgment of the contract.
buy and sell contract It may seem difficult. and has detailed steps that must be understood But for buying a house, the “contract” is something that will help you not be at a disadvantage.
