Condominium Purchase Contract
Tudor Villas Ltd / Tudor Court Ltd
Date
Agreement number
This agreement is made between Tudor Villas Ltd and Tudor Court Ltd Directed by Mr. Simon Jonathan Ditchburn of 89/10 Moo 1, Nong Pla Lai, Banglamung, Chonburi, 20150, Thailand. Herein after known as “the seller” of one part.
And
___________ Holder of British Citizen Passport number ________________. At address ________________________. Herein after known as the "purchaser" of the other part.
The two parties enter this agreement under the following conditions.
Section 1
The seller agrees to sell and the purchaser agrees to buy the condominium unit type 1 bedroom , of approximately 75m2 at the rate of 65,000 baht per m2 totaling 4,875,000 Baht. On floor 3 number== , unit type includes supplemented list. Located at Tudor Court Condominium, Tambon Nongprue, Amphur Banglamung, Chonburi province. To be the private property according to the Title deeds, which is located on the land title deeds number 6696,2830,2831,2832,2833,2834,2835, land number 28,24,23,105,104,69 and 68. Being registered on or before taking possession, by having whole ownership to the property which belongs jointly to other co-owners according to the ratio determined in the registration of the condominium unit as pertains to the condominium act ( no 3 ) B.E.2542 (A.D 1999). Units bought are freehold titles.
Section 2
The contracting parties agree to sell and purchase the condominium unit under section 1. Here of at the price of 4,500,000 Baht (four million, five hundred thousand Baht only), where by the purchaser agrees to make the following payments to the seller :-
1. Signing of the contract 100,000 Baht (one hundred thousand baht only)
2. 5 days after executing the contract 900,000 Baht (nine hundred thousand Baht)
3. balance of the agreed purchase price to be paid in staged installments throughout the construction period as laid out in contract supplement ( payment structure)
Section 3
The purchaser strictly agrees to comply with the terms and conditions of section 2. In case the purchaser is in default of making any payment of any installment, regardless of any reason what so ever or if the buyer is unable to secure money from any lending financial institution to make payment to the seller within the specified time, it shall be deemed that the purchaser is in default. If the seller has notified the purchaser of such default in writing and the purchaser does not make the payment within 30 days of the notification. The seller is entitled to terminate this agreement forthwith and confiscate all payments made by the purchaser under section 2 and the purchaser agrees to waiver all rights of claim against the seller. If the purchaser is in more than 63 days default of payments to the seller. The seller has the right to terminate the agreement and confiscate the payments made in section 2 without notification of the default and the purchaser agrees to waiver all rights to claim against the seller.
Section 4
In case the seller is not able to complete, regardless of any reason whatsoever, the purchaser is entitled to receive all of his monies returned as mentioned under Section 2.
Section 5
Sinking Fund and Common Management Fee. On the date of transfer of ownership of the purchased unit , the purchaser agrees to pay the money to the seller, who shall accept such payment on behalf of behalf of Tudor Court Condominium juristic person as follows: 5.1 Sinking Fund as the reserve for management and maintenance of the common property, of which the total amount shall be calculated pursuant to the area of the purchased unit at the rate of 500 baht ( five hundred baht) per square meter. This payment shall be made on the date of transferring ownership of the purchased unit. Sinking fund is paid only once. Sinking fund for the unit totals 37,500 baht ( thirty seven thousand five hundred). 5.2 Common Management Fee, of which the total amount shall be calculated pursuant to the area of the purchased unit, will be charged on annual basis at the rate of 40 baht forty baht)per square meter per month. The payment shall be made in advance for the period of 12 months commencing from the transfer date. All payments thereafter will be paid on a monthly basis. Common Management Fee for the purchased unit will be 36,000 baht per annum and thereafter index inked. Sinking Fund and Common Management Fee Grand Total: 73,500 baht (seventy three thousand five hundred baht) Payable on the date of transfer of ownership.
Section 6
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 Banglamung, once the purchaser has made full payment under Section 2 of this agreement to the seller. The purchaser agrees to pay for the costs of the premium, stamp duty and the various expenses necessary for the transfer of ownership of the condominium unit to the purchaser at the Government Assessed Value. The purchaser will 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 7
The purchaser shall pay the cost of the installation of an, electrical meter , and a water meter, and the purchaser must responsible for the renting 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 8
In case the purchaser, mortgages the condominium unit with a, Financial, or Banking Institution, and the seller still has participation, in the said condominium unit, or becomes a guarantor of the purchaser, to such financial, or banking institution, and the purchaser 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 purchaser is still unable to pay such debt, or is not within the possibility of making such mortgage payment, the purchaser agrees for the seller to substitute its rights, and duties derived under the mortgage agreement, with such financial , or banking institution, whereby the purchaser shall not raise any objection nor claim, for any compensation in any form whatsoever, from the seller. The agreement under the foresaid paragraph shall perpetually be binding upon the heirs, or legatees, or subsequent transferees of the condominium unit from the purchaser.
Section 9
If the purchaser dies during the enforcement of this agreement, the contracting parties agree, for the statutory heir of the purchaser to substitute all rights, and obligations hereunder, but a result of the death the heir must notify such intention to the seller in writing within sixty (60) days from the date the purchaser dies. Further, for any payment terms hereunder which are delayed, as a result of the death of the purchaser, the purchaser agrees for the seller to apply the interest against the statutory heir, or administrator of the estate of the purchaser at the same rate charged by the bank, but not less than 15% per annum from the outstanding payment due under each installment unit. The seller is entitled to transfer the rights under this agreement to the heir, or legatee of the purchaser.
Section 10
Before the transfer registration date of the purchased unit under Section 2 clause to 2.4 of this agreement ,if the purchaser wishes to assign his rights and duties under this agreement to a third party, providing that there is no outstanding installment payment , the purchaser agrees to pay the fee to the seller to the amount of 50,000 baht ( fifty thousand baht) for each assignment. The purchaser shall arrange for the assignee to assume all rights, duties and liabilities under this agreement, provided , always, that such agreement shall not cause the proportion of the foreign ownership in the condominium to exceed the rate as stipulated by the law, and if there is any assignment which may violate such requirement, the seller may refuse to honor the assignment.
Section 11
In as much as the seller and the purchaser have mutual intentions to have the Tudor Court Condominium Project, to be a place of co habitation, and recreation, and that all purchasers 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 purchaser, his subordinate (s), or transferee(s), must strictly comply with, namely:
11.1 The purchaser 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.
11.2 The purchaser strictly agrees not to make any addition or alteration to the outside appearance of the condominium unit, including the structure within the interior the building, as well as the common property of the condominium unit unless express permission in writing has been obtained from the seller beforehand.
11.3 The purchaser 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 purchasers 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 .
11.4 The purchaser 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 12
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 metre under section 1, and section 2 hereof , and in accordance with the area actually increased or decreased.
Section 13
The purchaser certifies that the purchasers email address, and postal address, as stated herein is correct. Any notice to the purchaser shall be sent to either, address by email, or registered mail, or delivery by messenger, regardless of whether there was any recipient shall be deemed that such notice has duly been delivered to the purchaser.
Section 14
Any party who breaches any section of this agreement here of 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 purchaser shall be deemed in default of this Purchase Agreement Contract, provided that the seller advises the purchaser in writing, detailing the terms, conditions or a clause which is /are in default, and the purchaser fails to rectify the default, and continues to be in default one (1) month after the written notification .
Section 15
This agreement, written in English, is the preferred language, understood and excepted 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 16
Both the purchaser and the seller agree to be responsible for there own lawyers / legal fees as associated with this agreement.
Section 17
The laws of Thailand shall govern the construction, validity and performance of this Agreement.
Section 1
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.
Section 19
It is hereby agreed that the Tudor Court Company will manage the building for a fixed term of 20 years and will maintain at a high standard of service and management.
This agreement has been made into duplicate copies for each party. Each party has read this agreement carefully and agrees to execute this contract with the signatures below. This contract is final and supersedes any previous contract made between these two parties on this matter.
Signature ______________________________ Seller
( Mr. Simon Jonathan Ditchburn )
Signature ______________________________Purchaser
Signature ______________________________ Witness
Signature ______________________________ Witness