All About The Legal Torts

Why Hire a Property Lawyer When Buying Property in Thailand?

Jul 10

Property lawyers comb through the fine print of legal documents and contracts. They have extensive knowledge of local law and the real estate market in Thailand.

They also conduct proper due diligence in accordance with state laws. This includes a thorough search at the Land Office and evaluation of all building construction permits.

Due Diligence in Thailand

One of the most important things to do before buying a property in Thailand is due diligence. This is done to avoid scams and fraud and also protect the buyer’s interests. This involves a thorough investigation of the property to make sure that it is legitimate and that there are no issues with the title deed or the building itself.

The due diligence process can be very complex and requires a lot of legal expertise and knowledge. It can also be time-consuming. However, it is a necessary step for any potential investor.

This research should include a detailed inspection of the property and its history; checking for land titles (title deeds) to see if they have been lawfully issued and who owns the land; looking at the building to determine if it has been built with proper permits; and investigating the land’s drainage, its connection to major utilities, and road access. It should also cover any existing legal disputes.

Contract Review

While it may seem like a simple task to draft your own contract for the purchase of property in Thailand, this can end up costing you money. As a foreign buyer, it is important that you have an experienced and trustworthy lawyer review any document that you are signing. This is especially true for a sale and purchase agreement, as it will contain the terms of the deal.

A sale and purchase agreement will usually contain a schedule of payment as well as a penalty for late payments. It will also outline the specific terms of the purchase, including any escrow arrangements. It is important that a lawyer conducts a thorough contract review to ensure that the language in the agreement covers all legal aspects of the transaction. This is particularly critical when buying off-plan property development as the developer will typically require that all payments are made directly into his bank account. This can pose a problem later on if the developer goes bankrupt or is short of cash during construction.

Last Will and Succession

Having a last will is an important step to take for anyone, especially when it comes to acquiring significant assets like property. Having a good estate plan will make the process much easier on your loved ones after your death and will also help you avoid costly mistakes.

In Thailand, there are three types of Wills; an authentic act, a semi-authentic act, and a non-authentic act. An authentic act is the most legally binding document and should be signed in front of 2 witnesses. It is best that the signatures be written in blue ink as it will show up better on a scanned copy.

Like many other nations, Thailand adheres to a forced heirship rule where assets are split up between the different classes of statutory heirs with descendants and spouses being first in line. While a Will may not be required in Thailand to pass on your assets, the creation of a Will can still help simplify the necessary procedures upon your demise and this is particularly true for foreigners who have acquired property with substantial value in the country.

Getting the help of a Property Lawyer is a Must

If you are looking to buy a property in Thailand, it is important that you get the help of a good lawyer. They will ensure that you are not violating the law and that all processes are followed correctly. This includes transferring the title of the property and paying all fees to the land department.

They can also help you avoid common pitfalls. For example, many condos in Thailand have construction issues within a few years of completion. This can be anything from cheap flooring to faulty plumbing. A lawyer can check a condo’s construction and quality before you make the final purchase.

They will also help you find a suitable property for your budget and needs. In addition, they can make your contracts watertight and protect you from any misunderstandings. A good property lawyer will save you time and money in the long run. They will also be able to assist you with any other legal matters regarding your property in Thailand.