Things to Consider When Buying Property in Thailand
There are some important things to consider when buying property in Thailand. You must ensure the contract contains a penalty clause for late payments. This should be reasonable to both parties and the Seller. The payment schedule should also be reasonable. Generally, the first payment will be about 25 percent, followed by subsequent payments on a progressive basis. You should also secure a Thai Last Will and Testament. This will ensure that your interests are protected in the event of a legal dispute in the future.
Perform Due Diligence in Thailand
When buying property in Thailand, performing due diligence is a must. Whether it is a merger and acquisition of a corporation or a direct acquisition of land, the buyer should perform due diligence before signing any contracts. Performing due diligence will help identify any unforeseen legal issues, including eviction issues, restrictions on land use, and building construction. When buying property in Thailand, perform due diligence to determine the legal ownership of the property and any legal encumbrances.
You should also check the history of the property. Do you know whether it is leased? Is the current owner reliable? The due diligence report will detail the ownership and position of the current owners. Beware of scams as these are everywhere, and you may end up losing a lot of money and disappointment. To prevent such situations, you should seek legal help from a reputable law firm. We have handled many cases involving Thai and foreign buyers buying property in Thailand.
Property Contract Review with Thai Lawyer
When buying property in Thailand, a Property Contract Review with a Thai Lawyer is crucial. The contract must be enforceable both in your home country and in Thailand. Having an experienced lawyer review the contract before signing is the best way to avoid any unforeseen issues during the buying process. Read on to find out why a Property Contract Review with a Thai Lawyer is important. After all, a lawyer can save you from the cost of costly lawsuits.
As Thailand's real estate market is unregulated, it is important to review contracts before signing. The sellers will typically provide a Sale and Purchase Agreement, which may be written in English or Thai. It is important for international buyers to understand the legal implications of this document before signing. A Thailand property lawyer can help you translate the contract to ensure you fully understand the terms of the deal and protect your interests. In addition to this, a contract review will help you choose the appropriate ownership structure for your property.
Secure a Thai Last Will and Testament
Regardless of whether you're planning on selling your property after you die or staying in Thailand for the long term, it's always a good idea to secure a Thai Last Will and Testament. A Thai Last Will and Testament is a legal document that allows you to lay out your wishes, name beneficiaries, name guardians for minor children, and name an executor. In addition to settling property and asset issues, a Thai Last Will and Testament can be made legally valid by signing it in front of witnesses.
If you have assets in another country, you'll need a separate will. Even if your will is legal in your home country, it may be invalid in Thailand. If your Thai spouse dies before you do, your Thai spouse will be the beneficiary of half of your estate. That's why it's so important to make sure you secure a Thai Last Will and Testament before purchasing property in Thailand.