Hiring a Lawyer when buying property in Chiang Mai
Hiring a Lawyer when buying property in Chiang Mai is a smart move. While the laws governing property ownership in Thailand are moderately sound, there are some people who profit from mistakes, so it's a good idea to go through the proper channels and hire a lawyer. It's also a good idea to hire an agent who has a good reputation.
The Basics of Due Diligence in Thailand
Before you make an offer on a property in Chiang Mai, it is imperative that you conduct thorough due diligence. You'll want to check the title to the land, whether it has any mortgages or encumbrances, and make sure that the developer has the necessary permits to begin building. For condominiums, you should also check with the condominium development authority and the building management company.
Prices per square meter (P/SQM) can help you assess the value of a condominium. In Chiang Mai, prices can range anywhere from 10,000 to 180,000 baht per square meter. Generally, older buildings are cheaper to purchase. For foreign investors, transferring 10 million baht into Thailand can grant them a one-year Investment Visa.
It's important to understand that Thailand real estate is still unregulated, but using a real estate attorney will give you more security. Due diligence should be conducted before signing contracts and paying deposits. A real estate attorney will also check on the condition of the property and prepare a purchase agreement that covers legal fees, transfer fees, and taxes.
Legal Review of Contracts for Thai Property
When buying property in Chiang Mai, it is vital to get a Legal Review of Contracts before signing any contracts. Thailand has different laws regarding property than other countries, and you should get a lawyer to check on any clauses or hidden charges. A lawyer can also help you negotiate your contract, and can ensure your rights are protected.
A legal review is a necessity for both buyers and sellers. Usually, the lawyer representing the seller prepares the contract with the interests of the seller in mind. The reviewer can ensure that there are no legal ambiguities and that payment will be secure. They will also make sure you aren't paying for services you don't need or aren't getting in return.
Whether you're buying property in Chiang Mai or anywhere else in Thailand, it is vital to get a Legal Review of Contracts for Thai Property before signing anything. In fact, it is compulsory for you to do so. This ensures that you're getting the best deal possible and avoids any legal problems later.
Transferring of Title Deed at the Land Office
Transferring title deeds at the Land Office is a legal process and should not be undertaken on a speculative basis. The deed is issued by the Land Department and states who owns the property, what encumbrances exist, and other legal issues regarding ownership. It is an important document as it serves as proof of ownership.
Before you can transfer the title deed at the Land Office, you must be able to prove that you are the rightful owner of the property. The Land Office in Thailand will issue an NS-3K certificate to prove that you have full ownership rights. This document is useful if you want to sell or lease your property in the future. It can also be used as collateral in case you need to borrow money against your property.
If you are a foreigner working in Thailand, you should take legal advice before transferring the title deed. The sale and purchase agreement should be detailed enough to protect your interests. It should include all the information regarding the property, including the common areas and amenities. It should also specify an inventory of the interior furniture.