Replacing a party in an estate purchase agreement (Assignment)


Replacing a party in a real estate purchase agreement (Assignment)

Buying an apartment at the initial stage of construction is the most attractive in terms of price. The cost of the project is growing with each floor erected. So, the right to be a buyer of an apartment can be profitably sold without waiting for the completion of construction. The replacement of the party in the sale contract (Assignment) is regulated by the Thai Civil and Commercial Code, and is also provided by the standard sale and purchase contract from the developer. The party replacement agreement must be concluded between the primary buyer and the new buyer and with the consent of the developer.

1. Verification of the contract with the developer

You should check the terms of the main contract. If they do not satisfy the new buyer, then it will be extremely difficult to amend the contract, so carefully read the contract and the documents attached to it.

2. Verification of the fulfillment of the developer’s and primary buyer’s obligations according to the primary contract.

The new buyer receives all the rights and obligations of the buyer. If the developer has violated the construction schedule or the buyer has not made the next payment, you will also receive the negative consequences of the violation the terms of the contract. Therefore it is necessary to request proof of performance obligations by the parties before you become a new buyer.

3. The signing of the assignment agreement.

After checking all the documents, it is necessary to draw up an assignment agreement in which it is necessary to specify on what conditions you become a new buyer under the contract. The contract is signed in simple writing form, signed by two witnesses.

4. Since the contract of sale and purchase the apartment transfers not only the right of the buyer to claim the developer to build and deliver the apartment, but also the obligation of the buyer to pay for the apartment, it is necessary to obtain the developer's written consent to replace the buyer.

As a result, the new buyer receives the originals of the sale and purchase contract and all its addendums, which will be the basis for entering into ownership of the condominium after the completion of construction and receipt of the chanot. In some cases, the developer draws up a new contract with a new buyer. The main thing is to check that the conditions of the new agreement are identical to the old.

The assignment of the right of claim may also be applied to sale and purchase contracts with installments, lease agreements, as well as to other contracts, unless the cession is inconsistent with Thai law.

For all questions about replacing a party in the contract in Thailand, please contact + 6687-348-57-03 (WhatsApp, Viber).


Author: Aleksandra Agapitova

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