Category: Property

Importance of Sales Contract Review in Thailand

Post author By siamlegalpattaya
Post date February 7, 2023
No Comments on Importance of Sales Contract Review in Thailand

The purchase of a home or property is a huge investment. This is why it’s important to check every detail of the contract before signing it. A professional attorney can review your contract to ensure that it meets all legal requirements and is a fair and legitimate transaction. This can prevent you from wasting money or making a mistake that could lead to future issues.

Buying real estate in Thailand is a complex process that can lead to misunderstandings, fraud, and a host of other potential problems. One of the best ways to avoid these issues is to have a Thailand contract lawyer review the sale and purchase agreement before you sign it.

In Thailand, it is mandatory to obtain a sales contract review before signing the sale and purchase agreement. This will ensure that you are getting a fair deal, and it can also protect you from any ambiguous clauses that could result in a lawsuit later on.

A professional can also help you negotiate any changes that may be necessary to the contract if there are any hidden costs or other concerns. This can ensure that you are able to get the home of your dreams without any issues.

It is also important to have a Thai lawyer review any other documents that may be included in the purchase agreement, such as a title deed or an environmental permit. This will ensure that the land you are purchasing is safe to live on and has all required permits.

When drafting the contract, the lawyer should take into account the interests of both parties. A Thai sale and purchase contract typically only outlines the basic rights of the buyer and seller, so it is important that they understand their rights and obligations before signing the document.

An experienced lawyer can provide a detailed contract review and make sure that the terms are clear, fair, and unambiguous. They can also provide a list of any unforeseen conditions that may arise later on, so you know what you are getting into before signing the contract.

This is a crucial service for any business that wants to be legally compliant and protect its interests. It’s an excellent way to avoid ambiguities that could lead to a lawsuit and ensure that you are getting the best possible deal for your investment.

The importance of a sales contract review is critical for both local and foreign buyers alike. A professional can clarify any ambiguities, reduce the liability of the seller, and strengthen your position in case you encounter a dispute in the future.

A good lawyer can also help you determine if the property is eligible for government assistance and has any required permits or licenses. This can help you decide if the purchase is worth it and whether to go through with it or not.

The importance of a sales contract review cannot be overstated. It can save you time and money in the long run, and it is an essential part of the process of purchasing real estate in Thailand. It can be costly to have a legal expert review your contract, but it will be worth it in the end.

Tags sales contract review, thailand

Property

Process of Property Title Transfer in Thailand

Post author By siamlegalpattaya
Post date February 7, 2023
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When you are looking to purchase a home, condo, villa or apartment in Thailand, it is important that you know the process of property title transfer. This will help you avoid any potential legal pitfalls.

The first step in the process is to find a real estate lawyer who will be able to provide you with reputable advice and protect your interests during the buying process. Having a lawyer with you in the purchase of your Thai property will give you peace of mind and ensure that you are protected from any unexpected issues and possible legal risks.

A lawyer can assist you with all the aspects of a property purchase including; reviewing and approving your contract, ensuring that the property is not subject to any government regulations or restrictions and making sure that you are aware of all the requirements prior to purchasing your Thai property. Having a Thailand lawyer by your side will also make the buying process much smoother and easier for you, which is why you should always seek out this professional assistance before committing to a purchase of any sort.

Once the property has been bought, you will then need to prepare a few documents to transfer the ownership of the property into your name. The most common of these is a Land Title Deed, but there are other types of title deeds that you can choose from.

You will also need to have a valid foreign exchange transaction certificate and a Foreigners’ Land Rights Certificate issued by the local land office before the property can be transferred to your name. These documents are required for any purchase of a condominium in Thailand.

After obtaining all of the necessary documents, you will then need to take them to your local land office and register the property into your name. This is a legal procedure that can only be performed by the local land office and not by any other government agency.

The Land Department is a government agency that handles all of the issues related to real estate in Thailand. They are responsible for the registration of property, issuing title deeds and regulating the land topography.

It is very important that the correct documentation is presented to the Land Department and all of the relevant information is correctly submitted. Failure to do so may lead to costly delays and even a refusal of registration of the property.

When you are ready to proceed with the transfer of your property, you will then need to present the following documents:

– Land Title Deed (Land Certificate) – this is the most common document used for real estate transactions in Thailand. It is a clear and secure document that will show who owns the land.

The land deed will have the title holder’s name and address on it as well as any previous owners who are still named in the deed. This will be a valuable piece of paper for you to keep as it will serve as a reference for all your future real estate transactions in Thailand.

Tags property, thailand, title transfer

Property

Buying Off-Plan Properties in Thailand

Post author By siamlegalpattaya
Post date October 9, 2018
No Comments on Buying Off-Plan Properties in Thailand

When venturing into any form of investment, risks are always involved. These pitfalls may exist like booby traps, just lying and waiting for an unsuspecting individual to fall or they simply reveal themselves as the project progresses.

Off-plan properties are not exempted from these risks and in view of this type of property investment, there are at least three sides that must be looked into: the side of the developer, the one who is against it for whatever reasons he may have and the vulnerable one, and that is you.

But, let us set aside your vulnerability in an off-plan property investment because on this article, you will be sitting as the judge and you will weigh the arguments that the developer (the accused) and the contra off-plan property purchase (the accuser) will present unto you.

So, let us begin with the examination of both concrete and circumstantial evidences.

The Developer

Off-plan property acquisition offers discounted prices for the yet to be built units. You will also be given the freedom to select the best units possible and to add with those are the other incentives that the developer will offer you as an off-plan buyer.

For the developer, there is no problem if you only have catalogs, 3D model units and advertisements as your basis for purchasing off-plan. It can guarantee with vigor that whatever you see on these marketing tools will be exactly the same with a completely built one in the future.

The Contra Off-Plan Property Purchase

This person discourages you to purchase off-plan properties because of the risks involved. First, you will already begin payment even if the development is yet to be started or has yet to be finished. He will supplement this with an argument that there is always a possibility that the developer will run out of finances to finish the project.

Another contention of his is the concern on quality of workmanship and materials that will be used will not be the same with those on the advertisements.

And lastly, he attacks the character of the developer by questioning its credentials, financial capacity and overall stature in taking on such project.

The Judge

You find both positions to be valid. You think that there is nothing wrong if the developer will start collecting payments from you even if the project is yet to be started but you also find credence to the argument of the opposition that there is always a risk that the development will not be finished and thereby leaving you hanging.

You also believe the possibility that the developer will not be able to build the property according to the schematics they presented earlier. You think that the 3D model units will not be the same with the actual units once finished. But, as what is said earlier, you only “believe” this possibility and you do not have the factual basis yet for such belief.

In other words, you find it hard to decide which side of argument you will take into consideration and so the best thing for you to do is to have an independent consultation on the matter by doing the standard practice of Due Diligence and a background check on the developer.

Due Diligence – This will allow you to check the authenticity of the documents, especially the type of title deed. Due diligence can also help you check the background of the title or property whether it is not subject to any litigations. It will also uncover if the development is allowed on such particular area base on its land classification.
Developer Background Check – Your questions about the financial capacity and reputation of the developer will be answered if you will conduct a background check. After gaining pertinent information about the developer, you may now decide whether it is worth your trust and your advance payments or not.

Need Help?

With your limited knowledge on Thai property investment processes, culture and laws, of course you do need help. For proper execution of due diligence and background check on the developer, you need to enlist the services of a reputable registered Thai property lawyer.

The Thai lawyer can access court records for possible litigations involving the title, developer or property agent. He can also do efficient investigations whether the type of development is allowed on the particular area and on the overall status of the developer.