Before you buy property in Thailand, you must perform extensive due diligence on the property. This phase will involve a trip to the local land office and intensive discussion with local authorities. Besides, land title deeds may be changed or revoked by the local land office, thereby invalidating or amending the original title deeds. Therefore, this phase cannot guarantee solid protection. As a result, buyers are compelled to accept a high-risk acquisition profile.
Importance of property due diligence
In order to avoid falling victim to scams, property buyers should do their due diligence before purchasing a piece of property in Thailand. In addition to checking the registration of the property, buyers should request a proper sale-purchase contract drawn up and reviewed by a reliable legal office and signed by at least two witnesses, who are residents of Thailand. Due diligence is also important because real estate agents cannot be held liable for any possible scams.
Methods
There are various methods of property due diligence in Thailand that buyers must follow. They should not simply accept the words of the developers or the seller. They should conduct their own investigation and engage an independent surveyor to inspect the property before making any commitments. Performing an independent survey is essential for safeguarding your investment. In Thailand, the importance of relationships is also linked to the approach to contracts. In Thailand, buyers are more likely to believe the word of a developer than the opinion of an independent surveyor.
Reports
A property due diligence report is vital to ensure that the property is free from any legal encumbrances. Due diligence should include checking whether the property is being sold under a usufruct or other encumbrance. The attorney who is conducting the due diligence report should be aware of the developer’s reputation as well as the past history of his business. If there are legal issues, it is advisable to hire an attorney to examine the property documents.
Investigations
If you’re thinking about purchasing a property in Thailand, you should consider conducting due diligence. These investigations are designed to ensure that your property is free from illegalities or corruption. They also include checking out the property’s boundaries. In addition, they can verify that the property’s owner is reputable. In Thailand, fraud is a major problem, so it’s important to know a little bit about the legal system before signing on the dotted line.
Costs
In Thailand, buying property can cost a lot of money, so you need to do your homework to avoid a huge financial loss. To make sure that your purchase is legitimate, it is vital that you hire a professional to conduct the due diligence on your property. It is also important that you choose the right person for the job, someone who understands the purpose of each activity. The following are some of the most common expenses that buyers incur when purchasing property in Thailand.
Results
If you are interested in purchasing a property in Thailand, you may be wondering about the results of your due diligence. You need to know the legal aspects of acquiring immovable property. In Thailand, you should also check if there is a usufruct on the property. If there is, you should be aware that it may not be executed and registered. Performing property due diligence in Thailand will minimize the risk of this problem.
