Thailand Civil and Commercial Code Sections-486-517
CHAPTER III
DUTIES OF THE BUYER
Section 486 The buyer is bound to take delivery of the property sold and to pay the price in accordance with the terms of the contract of sale.
Section 487 The price of the property sold may be fixed by the contract, or left to be fixed in a manner agreed upon by the parties, or determined by the course of dealing between the parties. When the price is not determined as aforesaid, the buyer must pay a reasonable price.
Section 488 If the buyer has discovered defects in the property sold, they are entitled to withhold the price or part of it still unpaid, unless the seller provides proper security.
Section 489 The buyer is also entitled to withhold the price wholly or partly if they are threatened, or have good reason to believe they are about to be threatened, with an action by a mortgagee or by a person claiming the property sold, until the seller has caused the danger with which the buyer is threatened to cease, or until the seller has provided proper security.
Section 490 If a time is fixed for the delivery of the property sold, it is presumed that the same time is fixed for the payment of the price.
CHAPTER IV
Some Particular Kinds of Sales
PART I
Sale with Right of Redemption
Section 491 A sale with the right of redemption is a contract of sale whereby the ownership of the property sold passes to the buyer subject to an agreement that the seller can redeem that property.
Section 492 Where the property sold is redeemed within the period fixed by the contract or by law, or where the person redeeming deposits the price of redemption with a deposit office within the period and waives the right to withdraw the price, the ownership of the property shall vest in the person redeeming from the time of payment or deposit of the price, as the case may be. In the case of a deposit under this paragraph, an official of the deposit office shall immediately give notice to the redeemed person, and the person redeeming is not required to comply with Section 333, paragraph three.
Section 493 The parties may agree that the buyer shall not dispose of the property sold. If the buyer disposes of it contrary to their agreement, they shall be liable to the seller for any injury resulting from such disposition.
Section 494 The right of redemption cannot be exercised later than:
- Ten years after the time of the sale in the case of immovable property.
- Three years after the time of sale in the case of movable property.
Section 495 If a longer period is provided in the contract, it shall be reduced to ten years for immovable property and three years for movable property, respectively.
Section 496 The period of redemption may subsequently be extended by contract, but if the total period exceeds the period specified in Section 494, it shall be reduced to the periods under Section 494. The extension of the period under this paragraph must be evidenced in writing and signed by the redeemed person. In the case of property whose sale must be made in writing and registered by a competent official, the extension cannot be set up against a third person who has, for value and in good faith, acquired and registered their right unless such writing or written evidence is registered or recorded by the competent official.
Section 497 The right of redemption may be exercised only by:
- The original seller or their heirs.
- The transferee of the right.
- Any person expressly authorized to redeem by contract.
Section 498 The right of redemption may be exercised only against:
- The original buyer.
- The transferee of the property or a right on the property, provided that, in the case of movable property, they knew at the time of the transfer that the property was subject to a right of redemption.
Section 499 If no price of redemption is fixed, the property may be redeemed by reimbursing the price of the sale. If the price of redemption or the price of the sale, at the time of redemption, is higher than the real price of the sale by more than fifteen percent per year, it shall be redeemed at the real price plus fifteen percent per year of profit.
Section 500 Costs of the sale borne by the buyer must be reimbursed together with the price. Costs of redemption are borne by the person redeeming.
Section 501 The property must be returned in the condition in which it is at the time of redemption, provided that if the property has been destroyed or deteriorated through the fault of the buyer, they must pay compensation for such destruction or deterioration.
Section 502 The person who redeems the property recovers it free from any rights created by the original buyer or their heirs or transferee before redemption. If a hire of property held subject to a right of redemption is registered by the competent official, it shall be valid for not more than one year of its remaining duration, provided that it is not made for the purpose of injuring the seller.
PART II
Sale by Sample; Sale by Description; Sale on Approval
Section 503 In a sale by sample, the seller is bound to deliver property or properties corresponding to the sample. In a sale by description, the seller is bound to deliver property corresponding to the description.
Section 504 No action for liability on account of non-correspondence to the sample or description can be entered later than one year after delivery.
Section 505 A sale on approval is a type of sales contract wherein the buyer has the option to buy the property after verifying it.
Section 506 To verify the property, if there is no deadline for buying specified in the contract, the seller may set a reasonable deadline and notify the buyer to accept or reject the purchase within that period.
Section 507 When the property is delivered to the buyer for verification, if the buyer does not accept it within the deadline stated in the contract, by commercial practice, or as set by the seller, the sale contract is considered void.
Section 508 When the property is delivered to the buyer for verification, the sale is considered complete under the following conditions:
- If the buyer does not reject the purchase within the deadline specified in the contract, by commercial practice, or as set by the seller.
- If the buyer does not return the property to the seller within the specified deadline.
- If the buyer uses the property in whole or in part.
- If the buyer sells the property or takes any action indicating an intent to purchase.
Section 509 The auction is completed when the auctioneer accepts the final price by knocking the gavel or performing any other practical act in the auction; otherwise, the bidder can withdraw their bid at any time.
Section 510 During the bidding process, the bidder must comply with the bidding procedures announced by the auctioneer.
Section 511 The auctioneer cannot make a bid or allow any person to make a bid for their own benefit while controlling the bidding process.
Section 512 The seller cannot make a bid or allow any person to make a bid, unless the bidding terms and conditions specify that the seller has the right to bid.
Section 513 If the auctioneer believes that the bidding price is not high enough, they may withdraw the property from the auction.
Section 514 The bidder is unbound from their bid when another person offers a higher bid, whether or not the bidding is complete, or if the auctioneer withdraws the property from the auction.
Section 515 The bidder who offers the highest bid must pay in cash when the auction is complete or by the deadline specified in the auction advertisement.
Section 516 If the bidder who offers the highest bid does not pay the amount due, the auctioneer may restart the auction. If the renewed bid is lower than the previous one, the defaulting bidder must compensate for the difference.
Section 517 If any of the proceeds from the auction remain unpaid due to the auctioneer’s negligence under Sections 515 or 516, the auctioneer is liable for the unpaid amount.
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