Due Diligence in Thailand
You will need a due diligence in Thailand when buying property. Real Estate in Thailand is not well regulated and most foreigners before that buy any real estate in Thailand always have a law firm do a due diligence study on the property. Trying to recover your money or deposit after a property transaction gone wrong is a costly and wasteful legal process.
Due Diligence in Thailand
Always speak to a property lawyer in Thailand for more advice and assistance and ask about a due diligence study on your property purchase before you put down a deposit. Property scams in Thailand do occur and this is one of the reason why a due diligence is so important. The title deed might not exist or the property you are buying might have property limitations or you might not even be dealing with the owner of the property. As stated before legal recourse is very time consuming and costly.
The title search is very important and you need to have this checked first. It is one of the most important features of a due diligence report in Thailand.
They will first need to conduct a title search on the title of the land on which the property is located. It makes no difference if it is an apartment or a villa. If the property was done on a title deed which does not allow for what was done then you will have problems later. Thailand has a range of property title deeds which have limitations.
- · They will also have to check for usufructs, servitude’s and other burdens;
- · They also check that the property documents of the title are correct;
- · They will check if the person selling you the real estate is the owner of the property;
- · They will check for a mortgage registered over the house/apartment;
- · They will also check if the seller is insolvent or involved in other legal actions;
- · They will check if there are restrictions on the development of the land.
Prepare the sale and purchase agreement:
The Thai property lawyer will have to take a look at the sale agreement before you sign it to ensure that there are no clauses in the property sale agreement which might later prompt legal action or restrict the use of the property. Always check your due diligence in Thailand report before buying.
Registration of transfer ownership:
Property conveyancing in Thailand is done entirely differently that what it would be done in the West. The transfer will take place at the Land Office in Thailand and the attorney will ensure that there are no problems with the transfer of ownership. Mortgage bonds for foreigners are not generally available in Thailand.
The cost of a due diligence report in Thailand is not that costly and it is the best insurance that you will not be losing your investment to a property scam. These listed above are the basic steps in a due diligence report however you will need to speak to a lawyer in Thailand for more information and assistance. Phuket property is highly valued and a property lawyer in Phuket will also be able to do this report for you should you wish to buy a house, villa or real estate in Phuket. Like everything in Thailand always take proper qualified legal advice. Due diligence in Thailand is very important.
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