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This agreement made effective as of the XXth day of XXXXXXX,
2007, and is executed by and between ___________________________________________
holder of (COUNTRY) National Passport Number XXXXXXXXX having
a registered address/office at ______________________________________,
represented by ____________________ , its authorized
director, hereinafter referred to as "The Seller"
of the one part; and ________________________ holder of (COUNTRY)
National Passport Number XXXXXXXXX and having a registered
address/office at _____________________, hereinafter referred
to as "The Buyer" of the other part.
The
two parties hereby accept this agreement under the following
terms and conditions:
Section
1.
The seller agrees to sell and the buyer agrees to buy the
Condominium Unit Type _______________ Unit No. __________
Floor No. ________ of the Bangla Suites Condominium, located
at ___________________________ and to be the private property
covering a total area according to the Title Deeds of approximately
__________ Square Meters, which is located on Land Title Deed
No. __________ be registered on or before taking possession,
by having whole ownership to the property which belongs jointly
to other CO-owner's according to the ratio determined in the
registration of the above condominium unit as pertains to
The Condominium Act (No. 3) B.E. 2542 (A.D. 1999).
Section
2.
The contracting parties agree to sell and purchase the condominium
unit under Section 1. hereof at the price of Baht ____________________________________
( ____________________________ ) whereby the buyer agrees
to make the following payments to the seller :
2.1
On the date of executing this agreement hereof, the buyer
shall pay the 'Holding Deposit' amount of Baht 100,000 (One
Hundred Thousand Baht), which shall be deducted from the first
monthly installment amount.
2.2
Within twenty-one (21) days of executing this agreement (on
or before the XXth day of XXXXX, 2007) the buyer shall pay
the first twenty-five per cent (25%) of the 'Deposit'. This
payment will amount to Baht 0,000,000 (XX XXXXXX Baht)
2.3
The buyer agrees to make the entire down payment (30%) balance)
by dividing the payment into installments on a monthly basis
for twelve (12) months at Baht _____________________ (__________)
by making the first payment on the ___ day of __________,
2007 and the subsequent installment on or before each ____
day of the following twelve (12) months.
2.4
The
balance of Baht ____________ ( ________________________ )
shall be paid to the seller in full within the date of registering
the transfer of ownership of the condominium unit whereby
the seller shall notify the buyer in writing at least fifteen
days in advance. The payment of the balance must be made with
a cashier's cheque, company cheque and/or Electronic Funds
Transfer ("EFT") or the buyer may apply for a loan,
corresponding to such balance from any financial institution
or bank. For making such payment to the seller, the seller
shall extend such assistance to be in compliance with the
terms and conditions of such financial or banking institution.
However, if such financial or banking institution does not
deem that it is appropriate that the buyer is qualified to
grant such loan/credit, the buyer must acquire such balance
from another financial institution, which is to be paid to
the seller within 30 days (thirty) effective from the date
the seller has notified such objection to the buyer.
Furthermore, with a minimum of fifty per cent (50%) of the
final sales price received by the Seller, the Buyer may request
financing from the Seller (Bangla Suites Condominium) for
a period of one to four years at a fixed rate of 5% per annum.
Section
3.
The buyer agrees to strictly comply with the terms and condition
of section 2. In case the buyer is in default of making payment
for any installment, regardless of any reason whatsoever or
if the buyer is unable to secure money from any other financial
institutions to make payment to the seller within the specified
time, it shall be deemed that the buyer is in default. If
the seller has notified the buyer of such default by registered
mail and the buyer does not make the payment within the fifteen
(15) days time specified in the notification, the seller is
entitled to terminate this agreement forthwith and confiscate
all payments made by the buyer under section 2 and the buyer
agrees to waive all rights of claim against the seller.
Section
4.
The two contracting parties agree to register the transfer
of ownership of the above condominium unit under this agreement
at the land office of the District of Phuket, once the buyer
has made full payment under section 2 of this agreement to
the seller. The contracting parties agree to absorb equally
(50%-50%) the costs of premium, stamp duty and the various
expenses necessary for the transfer of ownership of the condominium
unit to the buyer. The buyer must, however, be solely responsible
for the premium, stamp duty and various expenses in connection
with the registration of any bank mortgage and/or fire insurance.
Section
5.
The seller shall absorb the cost of the installation of an
electrical meter and a water meter for the buyer but the buyer
must be responsible for the insurance cost of the electrical
meter and the water meter with the Thai government agencies
concerned, whereby the seller agrees to extend appropriate
facilities for such purpose.
Section
6.
In case the buyer mortgages the condominium unit with a financial
or banking institution and the seller still has participation
in said condominium unit or becomes guarantor of the buyer
to such financial or banking institution and the buyer does
not pay the debt to the financial or banking institution and
such financial or banking institution has sent notice to foreclose
the mortgage on the condominium unit under this agreement
and the buyer is still unable to pay such debt or is not within
the possibility of making such mortgage payment, the buyer
agrees for the seller to substitute its rights and duties
derived under the mortgage agreement with such financial or
banking institution whereby the buyer shall not raise any
objection nor claim for any compensation in any form whatsoever
from the seller. The agreement under the aforesaid paragraph
shall perpetually be binding upon the heirs or legatees or
subsequent transferees of the condominium unit from the buyer.
Section 7.
If the buyer dies during the enforcement of this agreement,
the contracting parties agree for the statutory heir of the
buyer to substitute all rights and obligations hereunder but
the heir must notify such intention to the seller in writing
within sixty (60) days from the date the buyer dies. Further,
for any payment terms hereunder which are delayed as a result
of the death of the buyer, the buyer agrees for the seller
to apply the interest rate against the statutory heir or administrator
of the estate of the buyer at the same rate charged by the
bank, but not less than fifteen (15) percent per annum from
the outstanding payment due under each installment unit. The
seller is entitled not to transfer the rights under this agreement
to the heir or legatee of the buyer and this agreement shall
be terminated forthwith without any prior notice to the heir
or legatee of the buyer and the buyer agrees for the seller
to confiscate all payments already made.
Section
8.
During the construction period of the condominium unit under
this agreement, the seller agrees that the buyer has the right
to transfer/assign their rights hereunder to another party
on the condition that the seller must impose with the transfer
that every term and condition hereunder shall be binding upon
the buyer. The buyer must pay 10,000 Baht (Ten Thousand Baht)
to the seller each time a transfer of this agreement is made
to a third party.
Section
9.
In as much as the seller and the buyer have mutual intentions
to have the Bangla Suites Condominium to be a place of cohabitation
and recreation and that all buyer's under this condominium
project shall be able to use all benefits, facilities and
amenities from the common property areas, which are made available
for common benefit under this project, the contracting parties
hereby agree to observe the following provisions as an integral
part of this agreement hereby, which the buyer, his subordinate(s)
or transferee(s) must strictly comply with, namely:
9.1
The buyer or his subordinate must only use the condominium
unit under this agreement for dwelling purposes. Using the
land or condominium for other purposes, such as for industrial,
commercial, agricultural purpose, restaurant, hotel or for
any other trading purpose is prohibited except by express
permission made in writing from the seller and which has been
obtained beforehand.
9.2
The buyer strictly agrees not to make any addition or alteration
to the outside appearance of the condominium unit, including
the structure within the interior of the building as well
as the common property of the condominium unit unless express
permission in writing has been obtained from the seller beforehand.
9.3
The buyer agrees to restrict all legal rights in the common
property areas of the condominium unit to a meeting of co-owners
of the condominium for the purpose of enabling other buyers
of this project to use or benefit from the common property
of the condominium on an equitable basis by paying the expenses
for maintaining the common property at the rate determined
either by the seller or juristic persons of the condominium.
9.4
The buyer or his subordinate must strictly comply with the
rules and regulations of the committee in every respect when
residing in the purchased condominium unit under this agreement
or when using the facilities and services of the common property
under this project.
Section
10.
When the title deed of the condominium has been divided, if
the area of the condominium increases or decreases from such
area specified hereunder, on the date of transfer of the title
to the condominium, the price thereof shall either increase
or decrease respectively at the average price per square meter
under section 1 and section 2 hereof and in accordance with
the area actually increased or decreased.
Section
11.
The buyer certifies that the buyer has possession of the domicile
as stated herein. Any notice to the buyer shall be sent to
such domicile by registered mail or delivery by messenger
regardless of whether there was any recipient or whether the
deposition of such notice at the domicile of the seller shall
be deemed that such notice has duly been delivered to the
buyer.
Section
12.
Any party who breaches any section of this agreement hereof
shall be deemed as having breached the whole agreement and
the other party is entitled to terminate the agreement and
claim for compensation under the law. However, the seller
shall not be deemed to have broken the agreement under this
section in such a case as the seller having made an amendment
to the design of the project or to the method of allocation
of the land under the project, which has previously been approved
by the controlling land allocation.
The Buyer shall be deemed in default of this Purchase Agreement
Contract, provided that the Seller advises the Buyer in writing,
detailing the terms, conditions or clauses which is/are in
default, and the Buyer fails to rectify the default and continues
to be in default one (1) month after the written notification.
Section
13.
This agreement, written in English, is the preferred language,
understood and accepted by both parties. In the event the
translation thereof into any language is required, the interpretation
and construction based upon the English language shall prevail.
Section
14.
Both the Buyer and the Seller agree to be responsible for
their own lawyers/legal fees as associated with this agreement.
Section
15.
The laws of Thailand shall govern the construction, validity
and performance of this Agreement.
Section
16.
All disputes arising from or in connection with this Agreement,
which cannot be settled in an amicable way shall be finally
settled under the Thai Arbitration Act B.E. 2545 (A.D. 2002)
and in accordance with the Arbitration Rules of the Arbitration
Office, Ministry of Justice of Thailand.
This agreement is made and executed in duplicate, with both
the Buyer and the Seller each retaining one signed copy. The
two parties have read and thoroughly understand the contents
hereof, which they acknowledge to be duly in compliance with
their desires.
In
witness whereof, we have executed this agreement with the
respective corporate seal, at the presence of a witness, whereby
each party retains one signed copy for their records.
Seller (Bangla Suites
Condominium) By:
Signed
__________________________________
Seller Date: _____________
Mr.
XXXXX XXXXX (Managing Director)
Signed _________________________________
Witness
Date: _____________
Buyer (Full Name
and/or Company) By:
Signed
__________________________________ Seller
Date: _____________
Mr./Khun
XXXXXX XXXXXXXX
Signed __________________________________
Witness
Date: _____________
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