If you are looking at buying property in Thailand then ask a property lawyer in Thailand to do a due diligence report for you on the property and the developer of the property. This will lessen the risk of losing your investment to a bad developer.
When you ask to have a due diligence report done on an investment then you need to ensure that certain issues are looked at. The attorney first has to do a title search to ensure that the property is on a correct title deed and that the building or house is not being built on illegal land or land which has not been zoned for the development. You also want some background on the developer of the project to ensure that it not a fly-by-night developer that will take your money and be gone tomorrow. Most attorneys in Thailand know which developers are sound and which ones are new and unproven. This is good advice the follow as expat attorneys know which projects are running in Thailand and which developers had good results.
You also need to get the attorney to look at the contract to ensure that you are not going to lose your investment and that everything is in place to protect you in the event of an incomplete project or that the condo or house turns out to be smaller than what you had agreed on. As an example are you buying a house with the main bedroom measured at 5 meters X 4 meters and are those the internal or external measurements that is being agreed to. You need to ensure that all these small clauses are looked at.
Here are the basics that gets looked at:
- Time frame of the project;
- Price per unit;
- Penalties for late completion;
- Building specs;
- Floor plans;
- deposit and payment structure.
These are all important issues with regards to property. Speak to any of our property attorneys in Thailand 24 hours of the day on our toll-free US or UK numbers. You can also speak to a legal agent on our main website via live help or simply walk into any of our branch offices in all the major cities of Thailand. Call us today or visit any of our offices.
Do talk to us today!