Replacing a party in a real estate purchase agreement

In Thailand, many investors buy apartments at the initial stage of construction with the intention to sell the finished property and make a profit.

On the other hand, if there is a buyer who appeared before the completion of the construction and transfer of the ownership, there it is possible to enter an assignment agreement, transfer the right of claim to register the ownership and in fact replace the buyer from the primary to the new one. What you need to check before "buying" a contract with the developer:

1. Verification of the primary contract.

You must check the terms of the primary contract. If they do not satisfy the new buyer, it will be extremely difficult to amend the contract.

2. Find out about the conditions for the transfer of the right to claim (assignment)

The contract should have a separate article "Assignment", which establishes the conditions for the transfer of rights under the contract to a new buyer.

3. Verification of the fulfillment by the developer and the primary buyer of the obligations according to the primary contract.

By concluding an assignment agreement, you get all rights and obligations of the buyer. If the developer has violated the construction schedule or the buyer didn’t make the next payment, you will also receive the negative consequences of violation the terms of the primary contract.

The signing of the assignment agreement.

After checking all the documents, it is necessary to draw up an assignment agreement, which will indicate the conditions for you to become a buyer under the primary contract. The developer must be notified of the transfer of the right of claim in accordance with the terms of the primary contract. ⠀

The new buyer receives the originals of these documents, which will be the basis for entering into ownership of the condominium after the construction completion and receipt of the chanot. ⠀

With questions on document verification and drafting the assignment agreement, please call:

+ 6694-886-74-92 (WhatsApp, Viber)

Author: Aleksandra Agapitova

All rights reserved.

Copying and using materials without the written consent of the owner is prohibited.