Condominium and in an off the plan sale and purchase of a condominium in Phuket Thailand have a different meaning. Foreigners who buy a condominium that is not yet completed will pay a for the unit based on a square meter price. This is usually not the as the size in the plans of the condominium do not have to be the same as the final size of the condominium upon completion and measured by the land departments survey.
A standard clause in a off-plan condominium sale and purchase agreement:
The purchase price of the unit as mentioned in clause x is determined according to the area of the condominium unit to be sold at the rate of baht xx (-the square meter purchase price-) per square meter; totaling baht xxx (-total contract price-), hereinafter referred to as the ?Purchase Price?. In the case where the area of the condominium unit to be sold varies from the sale-able area shown in the relevant title deed, the parties shall continue to be bound by this agreement and shall in no case terminate the agreement on the grounds of such variance. In addition, the parties agree to adjust the purchase price to correspond to the increased or decreased area at the rate of the purchase price per square meter as mentioned above.
Saleable area is not the exact use-able condominium floor area, as this is measured from the center of the walls of the condominium which are not common property under Chapter II of the Condominium Act. The outside walls of a condominium are common ownership of the condominium, walls between adjoining units are private ownership.
In an off the plan purchase the final purchase price upon completion will be adjusted according to the final floor area as measured by the official land office survey upon completion of the condominium. Price differences between the contract price for the condominium and the price based on the final floor area of the condominium could have a difference of up to 10%. The sale and purchase agreement could show a purchase price of 5,000,000 baht, but the final price upon completion could be 5,500,000 baht.
Developers in Thailand are very quick in demanding the price difference if this is in their advantage, but usually do not refund if the final purchase price based on the final floor area turns out to be less and would be in advantage of the purchaser.
Do not be surprised if upon completion of the condominium the purchase price is higher than expected. There is no fixed limit in the law on the allowed difference between the final area and size of the unit upon completion.
Also a lease price of an off plan leasehold purchase of a condominium is adjusted to the final floor area as shown in the condominium unit title deed upon completion of the condominium.
Tags: Area, based, Buying, Condominium, contract, final, floor, Price, Thailand
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