Sending children to the seaside so they can spend the entire summer in the sun, breathe the sea air and gain a boost of energy for the whole year - this dream arises for practically all parents, especially those living in the northern regions of Russia. However, on the way to this dream, a problem arises: "Where can we rent accommodation by the sea for the whole summer at a reasonable price?".
The problem can be solved much more simply - buy property in Pattaya. This is profitable because apartments here are cheaper than in Sochi, the choice of housing is huge, and the cost of living is quite low. In addition, Pattaya has excellent beaches and a mild climate with a swimming season from May to October.
If you are thinking about buying an apartment in Pattaya, pay attention to the procedure for signing a purchase and sale agreement, as it has some specific features.
Preliminary Agreement in Real Estate
After you have decided on the apartment or house you want to purchase, you will need to sign several documents:
A reservation agreement for the selected property. This document will specify the details of the seller and buyer, the contract amount, payment method and payment schedule, as well as the seller's bank account details for transferring funds.
When signing the reservation agreement, the seller receives a deposit of 1% of the property value. The deposit is not returned to the buyer if they change their mind, and if the seller refuses the transaction, they must return the deposit.
Within 1-2 weeks, a preliminary agreement is drawn up. If a new building is being purchased, the developer provides the agreement; if it is secondary housing, a third-party legal firm draws up the agreement. The buyer reviews the agreement, makes their amendments, and after this it is signed by both parties.
The preliminary agreement details all factors of the transaction: conditions for acquiring the property, registration method, costs for processing the transaction, costs for further maintenance of the apartment or house, penalties for violation of the agreement terms.
Who Will Help in Concluding the Preliminary Agreement
The buyer's approach to executing the preliminary agreement should be very thorough so that they do not find themselves in a difficult situation later.
We recommend choosing a reliable real estate agency where professional lawyers work. The staff of our agency Leto Real Estate have extensive experience in all areas of real estate and are well versed in Thai legislation. We will review all the seller's documents, work through the terms of the preliminary agreement so that it is extremely convenient and beneficial for the buyer, and will accompany the transaction until the stage of registering property rights with government authorities.
