Category: Property

Why a Sales Contract Review is Necessary When Buying Real Estate in Thailand

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.

Property Title Transfer in Thailand

Buying property in Thailand is an exciting, once in a lifetime experience. It is a beautiful, exotic country with tropical beaches, ancient ruins, and opulent royal palaces and temples. Expats are always keen to buy their very own place in this enigmatic land of wonders.

There are several different types of Thai title deeds available to foreigners looking to purchase a piece of real estate in the country. These include the Or Chor 2 (Condo deed) and Sor Por Kor 4-01 (Agricultural deed).

Condominium titles are perhaps the most popular type of property to invest in because they offer complete ownership of the condo unit together with a small share of the common property. The document holder will be able to rent the unit, sell it or leave it to an heir as they please.

Sor Por Kor 4-01 is an agricultural title deed that is mainly used by farmers in rural areas of the country. It is not generally available to foreigners and it is a difficult process for foreigners to acquire this type of Thai title deed.

Chanote is the strongest form of land title deed in Thailand and it is a true document of full ownership. The land plots under a chanote have been accurately surveyed, GPS plotted according to a national survey grid and marked by unique numbered marker posts set in the ground.

NS3K is another form of land title deed that is issued without parcel points having been set by aerial survey. It is not as accurate as a chanote and may not have been inspected by the Department of Land in the past but it does indicate confirmed possession rights of the land.

Nor Sor Sam These are a less accurately surveyed form of land title deed that can be sold or leased unless the previous owner stipulates that it cannot be sold or leased for 5 or 10 years after the transfer of ownership. These are less expensive and easier to purchase than a chanote but they do not offer the same level of security or protection.

A title search is a very important part of any purchase and can help ensure that the seller has a clear legal claim to the property and is not under any liens or other restrictions. It can also identify if the seller has any leases or other properties which are associated with the property, as well as the type of documentation which has been issued.

The transferring of the title is the final step to completing the sale or purchase and is typically done at the local Land Office. This can be a quick and easy process, however it is important that all the correct documents are presented for this to happen smoothly.

Before going to the Land Office, it is always a good idea to check with your agent or lawyer about any potential problems that may arise during this process. They will know what documents are required and when they need to be presented. They will also have an understanding of the fees and taxes that are applicable. They should be able to guide you through the entire process.

Property Due Diligence in Thailand

When buying property in Thailand, it is important to do proper due diligence before purchasing a property. This is because it helps you avoid potential legal issues and financial risks. It also allows you to make a smart investment decision.

What is property due diligence?

Property due diligence is a process of checking the legitimacy of a property and ensuring that it meets your needs. It can help you avoid costly mistakes and a lot of inconvenience in the future.

Real estate in Thailand is a big investment and it requires a lot of effort from you as an investor. You need to be sure that you are getting the best deal for your money and that you are not wasting it on a wrong property.

There are a lot of different factors that you should consider when conducting your due diligence. The main one is that you should look into the history of the property. This can reveal a lot of information about the property and its current owners.

The next thing that you need to do is check the title deeds. This can help you identify the real owner of the property and it can tell you if there are any liens that need to be paid off.

This is an important step because you want to be sure that the person you are buying the property from actually owns it and that they do not have any liens against it. It is also a good idea to check the title deeds to make sure that they are in the correct form and are freehold.

Another thing that you need to do is to check if there are any usufructs and servitudes over the property that might prevent it from being developed or sold. This is very common in Thailand and it is something that you should not ignore.

If there are any of these things on the property that are not legal it will cause a lot of trouble in the future. It can even result in your having to sell the property or losing the money that you have spent on it.

You should also look into the zoning of the property. This is important because it will help you know whether the property is allowed to be built on the land or not. It will also help you know if the land is in an area where the government plans to expropriate it or not.

A good real estate agent can help you do the necessary research. It will not be cheap but it will save you a lot of time and hassle in the future.