Property Legal Services in Thailand Available for Foreigners
If you plan to buy property in Thailand, it is advisable to seek the help of a lawyer before signing any contracts. Thai lawyers are also qualified to check and review contracts, and mortgages are available in Thailand. They can help you get financing for your property. If you're thinking of selling your property, consider partnering with a reputable real estate agent or broker, who can find potential buyers in Thailand and worldwide. For example, if you're selling your condominium, consider recent sales of similar condominiums in the same area. You should also have a number of firms review the property, and make a checklist of any defects that might cause it to be worth less than its asking price.
Property Title Search in Thailand
Thai law defines various types of title deeds, including freehold, leasehold, and sharecropping. In Thailand, a freehold title grants you complete rights to the land, while a leasehold title provides you with partial rights. Foreign investors looking to invest in real estate in Thailand should always conduct a thorough title search before signing any contracts. Foreign investors can also use property lawyers to review contracts and ensure that they are legally binding.
There are some legal requirements to purchase property in Thailand, including the use of a Thai passport. It's also illegal for foreigners to own land and property. However, there are numerous methods to circumvent the laws and purchase property in Thailand. Read on to learn more.
Property Due Diligence: What Is Involved
As a buyer, you're likely interested in knowing what is involved in a property's due diligence process. This research will uncover issues not mentioned in marketing documents, such as water damage or a plumbing leak. You'll also want to know what repairs will cost. And, if you're thinking about investing in commercial real estate, you'll want to make sure the zoning and environmental factors are all in place. You'll also want to shop for insurance. A pest inspection is usually ordered along with a home inspection. Once you've found the problems, you can discuss repairs or credits with the seller or simply cancel the sale.
The next step in the due diligence process is to check the property for any special assessments. These assessments can significantly increase the cost of a property. By performing this research, you can build the cost of a new roof into your business plan or set aside money from your property's income to cover the expenses. If there's no information available on such issues, the process can be time-consuming and expensive, and there's little chance of a refund.
Legal Review of Property Contracts in Thailand
A number of Thai and foreign investors buy condominium units in Thailand. However, sometimes investors run into difficulties as condominium developers are not always reliable and may fail to finish their projects because of contractor problems or financial issues. In such cases, a legal review of property contracts in Thailand may be necessary to protect your investment. In such cases, a lawyer may be an indispensable resource. However, many foreign investors do not have the time or inclination to seek legal advice and therefore rely on their own judgment and experience.
While the Thai legal system is predominantly based on civil law with some common law influences, a number of legal aspects are unique to Thailand. The Civil and Commercial Code covers property and contract law and is an independent judiciary. It requires that both parties adhere to the standard contract. Violations can result in hefty fines. Foreign judges in Thailand cannot interfere with the courts while they are in process.