An offer to purchase real estate is a form of commitment in the transaction to purchase property. This document is signed by the buyer and the seller once they have agreed on a price for the property. The offer to purchase property can contain clauses that will allow both parties to back out of the sales process if certain events occur. The buyer would be required to put down a deposit towards the sales price of the property. The seller would turn over copies of some essential documents. This offer to purchase is basically a way of reserving the property.

Formatting An Offer To Purchase

An offer to purchase property in Thailand needs to contain the following information;

  • Buyer's Personal Details
  • Seller's Personal Details
  • Address of the property
  • Surface Area
  • Selling Price Agreed Upon
  • The amount of the deposit
  • The duration of validity of the offer to purchase
  • The expected closing date of the sale
  • A clear statement of the intent to purchase
  • Articles detailing conditions of the offer
  • Signatures of both parties
  • Signature of two (2) witnesses

NOTE - The seller is not obliged to accept your offer to purchase: he can refuse it or make you a written counter-proposal.

Importance Of An Offer To Purchase Real Estate

So why do you need an offer to purchase, why can't we just sign a Sale & Purchase Agreement? When buying a property in Thailand nothing is as it seems so one of the most important things you need to do before you commit to buying a property, is Property Due Diligence, also referred to as DD. The offer to purchase shows the owner your commitment to buy and gives you the time required to have the property properly inspected. If the due diligence comes back with problems the deal is cancelled and the buyer gets back their deposit. No harm no foul! If the DD comes back with recommendations then the buyer and the seller can discuss what happens next.

Now we know what you are thinking; Why can't we do the Property Due Diligence before the offer? I am fairly confident that a property owner will not allow you to inspect his property without an offer to purchase. This offer to purchase will also give the property owner confidence to provide you with key documents, like a copy of the property's Title Deed, an essential document that needs to be verified. There are 3 key things we need from the seller;

  1. A copy of the seller's ID card
  2. A copy of the property's Title Deed
  3. A copy of the seller's Blue Book

Neddless to say that preparing an offer to purchase is an essential document in the property acquisition process and it is best left to the real estste experts at Professional Corporate Services. We know exactly how to protect the interests of both Buyers and Sellers. We recommend that potential clients consult with one of our professionals before taking on a property sale or purchase. The 1st consultation is totally FREE so don't hesitate to contact Us! We would be very pleased to help.

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