Legal Services For Purchasing Property in Thailand
Purchasing property in Thailand is a great way to invest in the country, but you should be prepared for the legal issues that may arise. This article will explain some of the legal services that are available, such as Property Title Search, Sales Contract Review, and Property Due Diligence.
Property Due Diligence
Buying property in Thailand can be a risky business. There are scams, legal encumbrances, and other problems. To avoid losing money, it's important to do your due diligence before buying.
For example, it's important to verify the legal ownership of a property, whether it's a condo or a house. A title deed is a good starting point, but it's also important to verify the legal status of the owner. It's also important to check if the property has a lien or other legal encumbrances.
Another thing to check is the location of the property. You might want to check the local government's building regulations and restrictions. If the property is located in a condominium complex, you should check if it has an Initial Environmental Examination and a developer plan-reflective permit.
Another thing to check is the zoning of the property. It's also important to verify the legal status and history of the land. If it is land, it may be owned by a different person than the building.
Buying property in Thailand requires a lot of research and a lot of money. It's important to do your due diligence before signing a contract or making a payment.
It's also important to have a thorough understanding of the title deed and the corresponding land description. If the description does not match the Land Office's records, you may not be able to transfer the property.
Sales Contract Review
Buying property in Thailand can be a risky endeavor. It's important to perform extensive research on the property, authenticate its legitimacy, and verify its details before putting down money.
A contract review is an important legal service for purchasing property in Thailand. You can find a number of law firms offering this service. These firms can provide you with a clearer picture of your contract, and help you avoid legal complications. The best contract reviewer is a lawyer with experience in Thai law.
A lawyer will be able to ensure that your contract meets all the legal requirements. This includes making sure that the property has all the necessary government permits. They can also check for any litigation against the owner. They may also be able to make sure that the property is legal to sell.
While the sale and purchase contract is a legally binding document, it's important to make sure it contains the most important and pertinent information. This includes information on government permits and title deeds. These documents are necessary to transfer ownership of property.
The best sales contract will include an easy to understand summary of basic items and the rights and obligations of the two parties. It should also include a clear definition of the terms.
Property Title Search
Buying property in Thailand requires careful scrutiny and understanding of the laws. You can use the services of a property lawyer in Thailand to help you through the process. A property lawyer will also help you avoid pitfalls and complications.
When purchasing property in Thailand, you should always do a title deed check. This helps you determine if the property is free of liens, mortgages, and other encumbrances. Having this done before you purchase will help you avoid unscrupulous sellers. It will also ensure that the title deed is correct.
The Thai land title search is conducted by the Land Department. The Land Department is similar to the Registrar of Deeds in most US jurisdictions. The Land Department keeps records of land developments, mortgages, and leases. They can also issue a chanote deed, which is a document that grants full ownership rights to the landowner.
Depending on the property, you may need to pay stamp duty, which is about 0.5% of the registered value. You can also pay business tax, which is around 3% of the appraised value of the property. This is usually shared by the buyer and seller.
When purchasing property in Thailand, you may need to obtain a mortgage bond. A lawyer can help you obtain this bond and assist you with the process.