SPA contract — what it means
The SPA (Sale & Purchase Agreement) is the core purchase contract with the developer or seller: price, payment schedule, delivery dates, penalties, exit terms. The SPA is what a lawyer reviews before large payments — a reservation form is no substitute.
What the SPA fixes
The SPA is the deal’s master document: the exact price and payment schedule, the delivery and handover dates, the finishing and furnishing specification, each side’s liability for delay, the termination and refund procedure, and the split of taxes and fees at registration. A reservation form merely holds the unit — the legal substance of the deal lives in the SPA.
What to look at before signing
Check that the penalties are symmetrical — developers often write soft terms for themselves and hard ones for the buyer; that the delivery date is realistic and force majeure is defined; the currency and exchange rate of payments; what exactly counts as completion; and the terms for assigning the contract before handover. Amending an SPA is normal practice, not an insult to the developer.
How this works with us
The client’s lawyer reads the SPA before the first large payment: we send the contract for review right after reservation and negotiate amendments with the developer on the buyer’s behalf. We make sure the reservation form does not contradict the SPA and that the sales managers’ promises — on finishes, dates, the rental programme — make it into the contract text.
Frequently asked questions
What is an SPA?
The Sale and Purchase Agreement — the core property purchase contract: price, payment schedule, dates, liability and termination terms. It is the document a lawyer reviews.
Can a developer’s SPA be amended?
Yes, it is common practice: the usual points are late-delivery penalties, the refund procedure and the wording on dates. Serious developers accept reasonable amendments.
How does the SPA differ from a reservation form?
The reservation form only holds the unit and records the basic parameters. Every material term of the deal is set by the SPA — avoid paying large sums before it has been reviewed.
Primary source: Krisdika — Thai law compendium
See it on a real property
Terms matter when there is an actual deal behind them. We will show how this one works on a project from the catalogue — documents and numbers included.
Browse the catalogue