Property Legal Services in Thailand Available for Foreigners
For foreigners interested in purchasing property in Thailand, the first thing you need to do is find a real estate agent. This article will help you get started, covering everything from Conducting a Title Search to Sales Contract Review, and Transfer Titles at the Land Office. There are many other services you can get in Thailand. If you want to ensure that you get the most out of your money, property legal services are essential. But what exactly do you need?
Conducting Title Search
It is crucial to conduct a title search before buying a property in Thailand. Titles are important to determine whether or not a property is legitimately yours. In Thailand, this process can be lengthy since titles are stored on paper books in the Land Department. If you do not have time to perform this process yourself, hiring a property lawyer in Bangkok is an excellent idea. In addition to determining the ownership status of a property, a title search will help you avoid complications that can arise from acquiring the property.
To begin with, a title search will determine whether the seller is the owner and has the freedom to sell the property. In Thailand, all land was formerly owned by the king and there are a number of official documents that prove ownership of a piece of land. However, there are restrictions on land sales and leasing, and a title search can determine whether the seller is the sole owner of the property.
Property Due Diligence
When it comes to buying property in Thailand, it is essential to conduct Property Due Diligence legal services to make sure that you're getting the right deal. The due diligence involves checking on the ownership of the property and whether it is actually yours or someone else's. If you're purchasing an apartment or a house, for example, you'll need to verify that the seller has the right to sell the property. This can include checking whether the current owner is in default on his mortgages and whether any litigation against the owner has been filed against the property.
The process of property due diligence involves a third party conducting checks to ensure the property is free of any legal encumbrances. During the due diligence process, you'll also learn if the developer has obtained any necessary permits before buying the property. Additionally, due diligence includes a physical inspection of the property to make sure that the property is on public land and that the boundaries of the land match the title deed.
Sales Contract Review
It's advisable to hire a legal professional to do a Sales Contract Review in Thailand before you begin the property buying process. A contract reviewer will explain the details in the contract and suggest factors in accordance with Thai Law. This process can prevent any surprises after the sale, and it protects both parties. Depending on the nature of your sale, it might even be necessary to have a lawyer review the contract before signing it.
Thai sales contracts usually only contain basic rights and obligations for both parties. This is not always enough, especially for a large purchase. The buyer must understand their rights and obligations, and the seller must be aware of these rights and obligations. Using legal services is an excellent idea since it can save time and money and ensure that the transaction goes smoothly. Having a lawyer review a contract is vital in Thailand and will protect both the buyer and the seller.
Transfer Title at the Land Office
When purchasing a property in Thailand, a Chanot (Nor Sor 4) is a good way to acquire a clear title to the land. This type of title deed is registered at the Land Department in the province in which the land is located and provides the new owner with the legal right to use the property. The Chanot is also one of the strongest types of title deeds, as it clearly outlines the measurements and chain of possession of the land.
The land office is similar to a land department in the United States, but with a Thai twist. It is responsible for recording property transfers, collecting property taxes, and overseeing the documentation process. In Thailand, the land office is often the first place you must visit when you're planning to buy property. Listed below are some steps to take to obtain a title. Aside from a Chanot, there are several things you'll need to know when you're buying a property from the land office.
Upon completing your purchase, you'll need to present a Power of Attorney. This document must be notarized in the country of residence. If you're unable to do this, you can have a representative of your choice transfer the title deed on your behalf. Your representative can be a friend, Keller Henson, the developer's team, or even a lawyer. You'll need this Power of Attorney to legally transfer the property title in Thailand.
Hiring a Thai Property Lawyer
Having a Thai property lawyer by your side can help you save time and avoid costly mistakes. Thai property law can be confusing, and mistakes can result in hefty fines. A property lawyer can also help you with litigation, foreclosures, due diligence, negotiations, deed transfers, and zoning restrictions. In addition to understanding Thai property law, a property lawyer can help you make the most educated decisions on your purchase.
In Thailand, property laws are generally moderately sound. While rightful property owners can rest assured that their assets are safe, it is not uncommon for others to profit from their mistakes. To avoid getting swindled, you should go through the proper channels and hire a reputable agent and lawyer to represent you.