Standard purchase agreements: Protecting condo buyers

This article was prepared by Chaiwat Keratisuthisathorn, an attorney-at-law in the Corporate and Commercial Department at Tilleke & Gibbins. Please send comments to Andrew Stoutley at [email protected]

The property sector in Thailand has seen rapid growth over the last decade, with many Thai and foreign investors purchasing units in condominium projects, for both investment and residential purposes.

However, some purchasers have encountered problems with condominium developers that have not completed their projects as promised due to lack of financial support, problems with contractors, or other external financial problems. In some instances, the developer fails to perform its obligations under the condominium purchase and sale agreement or cannot complete the project and transfer the unit to the purchaser within the time frame that is specified.