When buying property in Thailand you always have to conduct a due diligence on the property as well as the agreement. Below is what would be considered to be what would be covered by a due diligence report. Always speak to a lawyer in Thailand for assistance and proper legal advice before you sign any agreement.
This is one of the most important aspects of the due diligence report on the property and transaction. The following would be the standard for the report and can avoid most of your problems.
- They need to conduct a search on the title of the land. This applies the same for a house as it does for a condo unit. Units could be built on land which holds the incorrect type of title deed. They also need to check all other relevant documents such as usufructs, servitudes and other burdens which the land itself might hold;
- They also need to ensure that the documents of the title are correct;
- Also they will also need to check if the person selling you the property is the owner of the property. It might sound odd but it does happen;
- They will also need to check to see if there is a mortgage over the property;
- Also they also need to check the seller to see if there are any legal actions against the seller as well as check the Central Bankruptcy Court to ensure that the seller or developer is solvent;
- They will also need to verify that there are no restrictions on the development of the land.
Prepare the sale and purchase agreement:
The attorneys also have to look at the sale agreement and ensure that there are no clauses in it that would be a hindrance to you enjoying the property. They would need to ensure that you are not going to lose your investment.
Registration of transfer ownership:
The property attorneys in Thailand would normally also do the transfer for you with the Land Office and ensure that the property is registered in your name or in the name of a company which you might have also registered to hold the land on your behalf.
These would be the basic steps for ensuring that you do not lose your investment in Thailand. The cost for this is not normally very high and reasonable considering you might have property problems later which could cost far more in a property dispute. It’s important to ensure that building regulations have been met, the developer is solvent and that all the needed paperwork had been completed by the property developer for the project.
Always take legal advice in Thailand whenever you deal with property. Spending money upfront is much better than trying to recover money later. Always use common sense and buy wisely.https://www.thailand-lawfirm.com/due-diligence.htmlhttps://www.thailand-lawfirm.com/wp-content/uploads/2015/11/retire-pattaya.pnghttps://www.thailand-lawfirm.com/wp-content/uploads/2015/11/retire-pattaya.pngProperty LawThai PropertyWhen buying property in Thailand you always have to conduct a due diligence on the property as well as the agreement. Below is what would be considered to be what would be covered by a due diligence report. Always speak to a lawyer in Thailand for assistance and proper...admin7 AdministratorThai Law Firm