A resale agreement in Bangkok real estate is a type of contract. This contract exists between a current owner and a buyer.
It concerns the purchase of an already-owned property.
Resale agreements differ from new property sales agreements. New property sales involve a developer directly.
Resale agreements involve individual owners instead.
Popular features of resale agreements include transferable leases. Examples include leases in high-demand areas like Sukhumvit and Silom.
Another feature is the potential for below-market prices. Properties in older developments like those in Sathorn exemplify this.
A third feature involves negotiated furnishings. Units in luxury condos such as The River or Magnolias Ratchadamri Boulevard often come with this option.
Common resale agreement features encompass the necessity for a thorough due diligence process. This ensures legal ownership and checks for any encumbrances.
Another common feature is the requirement for a deposit. This secures the agreement between the buyer and the seller.
A flexible payment plan is often negotiated. This adjusts to the buyer’s financial capacity.
Unusual features in some resale agreements include profit-sharing clauses. These occur when the original owner contributes significantly to the property’s appreciation.
Another is the inclusion of a right of first refusal. This gives the original owner the chance to repurchase before others.
A third unusual feature is the allocation of maintenance fees. Sometimes, these are shared or fully assumed by the buyer post-purchase.
Unique to resale agreements are customized clauses tailored to foreign ownership regulations. These address Thailand’s strict foreign ownership laws.
Another unique feature is the engagement of specific legal advisors. These advisors specialize in foreign property transactions in Thailand.
Resale agreements might include language translation services. These ensure all parties fully understand the terms, crucial for non-Thai speakers.
Comparing resale agreements to new property sales, resale agreements often offer more immediate occupancy. This contrasts with the waiting period for new developments to complete.
Resale properties can provide a clearer insight into the community and maintenance standards. This is less predictable with off-plan purchases.
For more insights on terms used in this discussion, visit our glossary about Bangkok real estate.