A contract, not a unit
Off-plan buyers sometimes sell their position before the building is finished — because their plans changed, because prices rose, or because they cannot pay the remaining instalments. The buyer who takes over steps into the original contract with the developer. This is often called a novation, a re-assignment, or in Thai practice selling the down payment.
Done properly, the new buyer gets a unit at a known price with part of it already paid. Done informally, the new buyer pays the seller for a contract the developer does not recognise.
1. Developer consent comes first
Most developer contracts:
- Restrict assignment without the developer's written consent
- Require the developer's own transfer form, signed by seller, buyer and developer
- Charge a transfer fee and sometimes limit how late in the project a transfer can happen
Without consent, the developer continues to deal with the original buyer. Make consent a condition: no money to the seller until the developer has confirmed in writing that it will accept you.
2. What you are buying
| Item | What to obtain |
|---|---|
| The developer contract | Full copy, including all annexes and amendments |
| Payment record | Developer's statement of instalments received and any arrears |
| Unit details | Floor, number, area, specifications, parking |
| Completion date | And any extension already announced |
| Foreign quota | Confirmation that the unit can be transferred to you, if you are a foreigner |
| Seller's authority | Identity, marital status, spouse consent where relevant |
3. The seller's defaults
If the original buyer is behind on instalments, the developer may charge penalties or have the right to terminate. Before paying the seller:
- Get a developer statement of payments and arrears
- Make clearance of arrears a condition of completion
- Confirm the developer has not issued a default notice
4. Structuring the payment
The safest structures make payment and transfer happen together:
- Payment at the developer's office when the transfer form is signed
- Escrow or staged release tied to the developer's written acceptance
- No large deposit to the seller before developer consent
Avoid paying the full premium to the seller on the strength of a private agreement.
5. Foreign buyers: the money trail
To register a condo in a foreigner's name, the land office needs evidence that the purchase money came into Thailand in foreign currency in the buyer's name, normally through an FET form or bank credit advice.
A novation complicates this:
- Instalments the original buyer paid may have come from Thai funds
- The premium you pay the original buyer is a private payment
- The remaining instalments you pay the developer are the part you control
Before paying anything, agree with the developer and your bank how the transfer will be evidenced. Getting this wrong can mean the land office refuses to register the unit in your name at completion.
See buying an off-plan condo from a developer for the rest of the developer-side checks.
6. Tax and costs
Selling contract rights can create tax for the seller, and the developer's transfer fee and eventual land office costs need to be allocated. Agree in writing who pays what, so the difference does not appear at the developer's counter.
7. When the seller is abroad
Sellers are often overseas. A power of attorney can work, but it needs to be specific, properly executed and, if signed abroad, certified. See documents that need notarisation.
Checklist
- Developer's written consent in principle obtained
- Full developer contract and payment statement reviewed
- Arrears cleared or made a condition
- Foreign quota and money trail agreed with developer and bank
- Payment structured to happen with the signed transfer form
- Taxes, fees and costs allocated in writing
- Seller's authority and spouse consent checked
Read next
- Buying an off-plan condo from a developer
- Buying a resale condo from a private Thai owner
- Buying property in Thailand as a foreigner
- To have a novation reviewed before you pay, talk to our team