If you are buying property in Thailand then it is always wise to have a due diligence done on the Thai property before you sign either the lease or sale agreement. There are reasons for this – here is why! When buying property in Thailand or you are about to sign a leasehold agreement in Ciang Mai or anywhere in Thailand, always speak to a lawyer first. It is very important to have a due diligence done on the property before signing any agreements. Many do not do this and end up losing all their money many times their retirement next egg as they failed to do what was needed. Cutting corners when it comes to property or the law is never a good idea.
The due diligence which our lawyers in Chiang Mai will do for you is to ensure that you are getting what you had been told. They will ensure that the title deed is correct and that all Thao government departments agree that the title matches the property being sold or leased. Now you might ask why this is important. This is important as you need to ensure that you are not being sold or leased government property. A few years ago the Thai government cracked down on Samui island where title deeds had been incorrect and large property developments had occurred on government land reserved for forestry projects. Had any of the buyers done a due diligence on their property by a law firm with a reputation as ours, they would not have lost their money or ended up in prison. The titles must be checked for your own safety.
Part of the due diligence check is also to ensure that the property meets the sizes which have been recorded and that there are no liens and encumbrances against the property. The lawyer also needs to ensure that there are not debts or mortgage bonds registered against the property. If this is an offplan project then the developers need to be checked to ensure that they are reputable and have all the licenses needed for the project. The last thing you need is a developer that does not have the capital to complete the project. Buying property in Chiang Mai or anywhere in Thailand? Speak to us at Siam Legal first – with offices in all the major tourist cities in Thailand we are best able to assist.
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