Category: Property Law

How Important is Contract Review in Thailand

How Important is Contract Review in Thailand

A good contract can ensure that your sale transaction goes through smoothly, but it’s not without its share of legal complications. While market forces, unequal bargaining positions, and fraud often get in the way of a fair agreement, there are some steps you can take to protect yourself from these risks. One of those steps is to get a lawyer to review your property purchase contract before you sign it.

This can help you avoid costly legal battles and keep your finances and peace of mind intact. This is especially true for foreign buyers, who don’t have the same familiarity with Thai laws as locals do. A lawyer will be able to review your contract and make sure that it adheres to all of the legal requirements in Thailand.

The benefits of a lawyer’s review include:

1. A contract review will ensure that your rights are protected.
This is important because Thai property laws are strict and can result in unfavorable legal consequences if you don’t follow them. A lawyer will check that your contract complies with these requirements and can also recommend any changes that need to be made.

2. A lawyer’s review will allow you to understand the fine print of the contract and identify any issues that may lead to litigation.

A lawyer will read the contract line-by-line and will highlight areas that aren’t clear. He or she will then be able to revise the document accordingly, improving your chances of a successful purchase.

3. A lawyer’s review will save you time and money

When it comes to buying property in Thailand, it is vital to have a lawyer review your contract. This will ensure that you are getting a fair deal and that you don’t end up with anything less than you deserve.

4. A lawyer’s review will help you get the best deal

A reputable lawyer will be able to ensure that you get a good deal when it comes to purchasing property in Thailand. He or she will be able to identify any issues with your contract and can recommend changes that will help you get a better price for the property.

5. A lawyer’s review will help you stay in Thailand safely and securely

It’s vital to have a lawyer review your sale and purchase contract if you’re planning on staying in Thailand for a long period of time. This will ensure that you don’t lose your property or have to leave the country in an unsafe manner.

6. A lawyer’s review will prevent you from losing your investment

The language of the Thai Civil and Commercial Code is complex and there are time limits for breaching contracts ranging from 30 days to 30 years. A lawyer can ensure that your contract is clear and enforceable in Thai courts so that you don’t have to worry about losing your investment or being in danger of being caught in a fraudulent sales transaction.

Importance of Due Diligence in Thailand

Due diligence is a legal procedure that is used to ensure that everything involved in a business deal is above board and will not cause any problems with the transaction. This includes performing a property inspection and conducting a title deed search before making any purchases.

This is a vital step in any investment, especially when it involves real estate in Thailand. You can save yourself from a lot of headaches and expenses by ensuring that you do your due diligence correctly.

In order to perform a due diligence, you need to find an attorney who is well-versed in the legal aspects of buying and selling properties. These attorneys will be able to verify the property’s legal status and check if there are any legal encumbrances or rights attached to it.

You will also need to ensure that the land has not been encumbered by any of the following: Mortgages, lease agreements, or loans. This is because these can lead to legal problems in the future.

It is also a good idea to check the property’s zoning laws. This can prevent you from purchasing an unsuitable property or paying for a plot of land that is not allowed to be developed.

During the due diligence process, you will also need to make sure that the developer of the property is trustworthy. You will need to ensure that they have passed all of their environmental impact studies and zoning regulations. This will also protect you from any potential lawsuits in the future.

The property can also be inspected to check for drainage problems, road access, and disturbances in the environment. It is also a good idea to ask about the phone and sewage systems so that you can make sure they are functioning properly.

You will need to know that there is no land ownership that has not been registered by the local land office, which means that this can be adjusted or nullified at any time. This is why it is essential to have the title deed of the property inspected to ensure that it has been registered correctly.

Thailand Property Awards

Thailand Property Awards

Each year the property awards in Thailand gathers all the major players in the field of property developments and infrastructure development. Attending is the who’s who of the Thai property sector. Law Firm in Thailand attends each year. 2008 was what many had considered a bad year globally for the property, however, judging from the 2009 attendance lists and the number of nominations one is left to wonder where the recession is. The property awards is a good judge of what one might expect in the Thai property market for the year ahead.

In 2008, a selection of anonymous judges from around the country used a scoring system whereby the highest five scorers made the short-list. This year a team of independent judges will produce the short-lists through a consultative process and the panel will be announced publicly.

“It is a significant change this year. We’ve had feedback that people would like to know who the judges are. So this year we will announce the judging panel. We are recruiting the panel now and are being selective to ensure fair representation and no bias. The panel will cumulatively have nationwide knowledge, be both experienced on the Thai real estate industry and in general business, and a number of nationalities will be represented,”

Those short-listed in the development categories will then be contacted and visited by local judging teams in Bangkok, Eastern Seaboard, Phuket, Samui, and Hua Hin, respectively. Following the site visits, the local teams will select the winners.

Following their success in 2008 and involvement in the awards since the beginning in 2006, BDO Richfield Advisory Limited have again been engaged by the organizers to oversee the nomination, entry and judging process, and to ensure all is transparent and fair. BDO Richfield Advisory Limited and the organizers of the awards are not involved in judging the awards