Buying property in Thailand is an attractive option for foreign nationals. However, it is important to understand that the legal system of Thailand is complex. This means that you should consult a lawyer before you sign any contract. A professional lawyer will be able to guide you through the process, and ensure that the property is legally acquired and that you are protected from any legal problems in the future.
Common Problems with the Sale and Purchase Agreements
- There is a term or condition that was agreed upon with the seller during the reservation stage that is absent.
- There are clauses that are unclear or contradict one other.
- They include clauses that are not enforceable under Thai law.
- They lack crucial clauses that only become apparent later in the process, such as a definition of who is responsible for paying what taxes in regard to the transfer.
- In the event of off-plan development, the completion date is not specified clearly enough, or the details of any fines owed if the deadline is missed are omitted or inadequate.
- There are features that may not be visible, but are meant to unfairly benefit the seller or developer at the expense of the buyer.
Legal Review of Sales Contract
The legal review of a sales contract is a vital part of the purchasing process in Thailand. This will ensure that the rights of the buyer and the seller are protected, and that any ambiguous clauses are avoided. It will also make sure that you are obtaining the right information about the property. This will prevent you from having any issues in the future and will ensure that you are receiving an accurate valuation.
The contract will specify the details of the property, including the location, and the features. It should contain a price per square meter, as well as any late payment penalties. This is especially important for off-plan properties. It will also need to include building materials, building types, and payment terms.
In addition, it is important to check the title deed to ensure that it has been legally transferred. The title deed will also contain the name of the current owner and will show the location of the property. It will also have information on the current assessment of the property, the date of sale, and the final price. It is important to have a lawyer draft the contract, as the lawyer has the interests of the seller in mind.
When you are purchasing a condominium in Thailand, you should take into account the standard format for condominium unit sales as well as the Condominium Act, which outline the procedures for multi-unit condominiums. This will protect you in the event that the developer fails to carry out his obligations in the contract. In addition, you should have a lawyer review the contract to ensure that all necessary permits are obtained, and that the project meets all regulatory requirements.
It is not always easy to purchase real estate in Thailand, and you should be aware that you should not trust a sample contract or a word-of-mouth recommendation to protect your interests. You should consult a Thai lawyer to ensure that you are able to make an informed decision. The lawyer will also be able to verify the validity of the real estate project, the permits, and the title deed to the property. The lawyer will also check whether any of these are missing or incomplete. This will allow you to get the property you are interested in at the best possible price.
The Thai laws and regulations concerning land and condominiums are very different from those in other countries. There are special rules for condominiums, which include internal rules, and restrictions that limit the use of the property. In addition, there are a number of taxes that need to be paid when the condominium is transferred.