When you decide to buy a property in Thailand, it is a good idea to have your contract reviewed by a lawyer. This will ensure that you get a fair deal and reduce your liability. It will also help you avoid legal pitfalls, such as hidden charges and charges that are not stated in the contract.
Whether you’re buying property in Thailand for yourself or as an investment, a legal review of your sales contract can make the process easier. A lawyer will check the contract for ambiguities and hidden clauses that could lead to legal disputes down the line. They will also make suggestions for changes that can be made to the contract.
What is a Sales Contract?
A Sales Contract is a legal document that lays out all the terms and conditions of a real estate sale. It is typically drafted in Thai or English and signed by both the buyer and seller. It should clearly state the purchase price, date of sale, and other important details.
Why is a Sales Contract Review necessary?
A sales contract should specify the location, features, and price of the property. It should also include a payment schedule and late payment penalties, as well as any other relevant terms and conditions. It should also provide a clause that allows you to transfer the ownership of your property to another person or company if you cannot make payments.
The sales contract should also be translated into the language of the buyer. This is especially important for foreign buyers, who don’t have the same familiarity with the local laws as Thai property buyers do.
Regardless of the language used, it is essential to have your contract reviewed by a lawyer to protect you from legal pitfalls and to ensure that the purchase agreement is in compliance with Thai law. The lawyer will check that all information regarding the property matches with the title deed, government permit, and other related documents. They will also check that tax information and environmental regulations have been complied with.
It is a requirement for all foreign buyers to have a sales contract reviewed before they sign it. This will prevent them from paying too much and protect them from any unforeseen legal issues in the future.
If you’re a foreign buyer, you may not be familiar with Thai laws and regulations, so it is vital to have your contract reviewed by a lawyer. A lawyer will make sure that your contract complies with local law, which will save you time and money in the long run.
Why should I hire a lawyer to do my Sales Contract Review?
A sales contract should be reviewed by a lawyer who is knowledgeable about the law in Thailand. They will make sure that it complies with the country’s laws and regulations, and that it is clear and contains no hidden clauses. They will also recommend an ownership structure that will suit your needs and preferences.