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Your All-In-One Guide to Buying Property in Thailand

Nov 11

Buying property in Thailand is one of the best investments you can make. But if you don't know what to look for, you could end up buying a lemon. The first thing you should do is do your due diligence. Do a title search, conduct a due diligence check on the property, and get a lawyer to check the contract. This way, you can ensure that you're getting the best value for your money.

Conduct Due Diligence

Before you purchase a property in Thailand, it is important to conduct due diligence on it. There are several things to consider, from legal issues to ownership issues. A real estate agent or lawyer can help you with this. Though due diligence is not required by law, it is recommended for your own protection and that of your loved ones. While serious problems are rare in Thailand, you should be aware of the risks, and be prepared to take steps to avoid them.

First of all, you should make sure that the property is in good condition. Some sellers may try to sell you a property but cannot issue the title deed, which is a clear violation of your rights. Some sellers may even pretend to be the real owners when they are not. It is therefore critical to conduct due diligence before buying property in Thailand to avoid being scammed.

Do the Title Search

If you are purchasing property in Thailand, you must conduct a title search before you buy. This will help you find out if the seller actually owns the property and is free to sell it. It will also reveal if there are any encumbrances on the property. A title search will also help you trace the ownership back to the original holder of the property. In Thailand, all land was originally owned by the king.

It is very important to conduct a title search on any property in Thailand. The Land Department is required to provide you with the land title. Without it, you cannot buy the property. It is important to check the title deed so that you know whether the property is legal and does not have any encumbrances or liens.

Have the Contract Reviewed by a Lawyer

If you are purchasing a property in Thailand, it is important to have the contract reviewed by a lawyer before signing. As a foreigner, you may not be familiar with Thai language or Thai legal terms, so a lawyer's review is essential. It will help ensure that the contract reflects the features of the property and that all necessary permits have been obtained.

The purpose of having the contract reviewed by a lawyer is to ensure that you are getting a fair deal. A lawyer will make sure that there are no hidden charges or clauses in the contract that you didn't know about. A lawyer will also check the enforceability of the contract to make sure it is legally binding on the buyer and seller.

The Civil and Commercial Code of Thailand requires registration of real estate transactions. Lease agreements that will be in effect for three (3) years or more must also be registered with the Land Department. Make sure that the Land Department is informed about all the details of the property before signing the contract.