Section Code: 0453 - 0457
Thai Civil and Commercial Code
NATURE AND ESSENTIALS OF THE CONTRACT OF SALE
Section 453. Sale
Sale is a contract whereby a person, called the seller, transfers to another person, called the buyer, the ownership of property, and the buyer agrees to pay to the seller a price for it.
Section 454. Reasonable Time to Respond to Sale
A previous promise of sale made by one party has the effect of a sale only when the other party has given notice of his intention to complete the sale and such notice has reached the person who made the promise.
If no time has been fixed in the promise for such notification, the person who made the promise may fix a reasonable time and notify the other party to give a definite answer within that time whether he will complete the sale or not. If within that time he does not give a definite answer, the previous promise loses its effect.
Section 455. Time of Sale
The time of the completion of the contract of sale is referred to hereafter as the time of sale.
Section 456. Sales of Immovable Property Requirements
A sale of immovable property is void unless it is made in writing and registered by the competent official. The same rule applies to ships or vessels of six tons and over, to steam launches or motor boats of five tons and over, to floating houses and to beasts of burden. (Car sales, homes, farm animals)
An agreement to sell or to buy any of the aforesaid property, or a promise of sale of such property is not enforceable by action unless there is some written evidence signed by the party liable or unless earnest is given, or there is part performance.
The provisions of the foregoing paragraph shall apply to a contract of sale of movable property where the agreed price is five hundred baht or upwards.
Section 457. Cost of Sale
The costs of a contract of sale are borne by both parties equally.