When you are investing in property in Thailand, it is important to know your rights. This includes getting proper legal assistance to help you understand your obligations in Thailand. You also need to conduct due diligence on the property before you purchase it. These steps are important to ensure that you avoid making a costly mistake and will ensure that your investment will be safe from fraud.
First of all, you need to check the title deed of the property. If the seller doesn’t have a title deed, it is unlikely that he or she can give you ownership of the property. Secondly, you should check the status of the building permit. Make sure that it is valid and issued by a registered company.
Another thing you need to do is to perform a physical inspection of the property. This is essential to determine the exact boundaries of the property and ensure that it is in the right area. The inspection also ensures that the property meets the zoning regulations. Also, you need to check the road and drainage system, as well as the main utilities in the area.
To make your property due diligence in Thailand more effective, it is important to contact a reputable service that will help you with the entire process. A professional lawyer or a consultant can prepare detailed reports to provide you with accurate information about the property. They can also help you determine if the seller is legitimate and has the financial capacity to carry out the transaction.
In addition to checking the land title, you should also do a thorough investigation of the property and its owner. This is especially important if the property is a condominium property. During this process, you will need to examine the condo unit’s plan and check whether it is aligned with the developer’s intended development.
Lastly, you must inquire about the current owner’s mortgages and encumbrances. Among the encumbrances you will need to look into are mortgages, unpaid property taxes, and unregistered usufructs. You can also ask the Land Office to provide you with all the relevant information.
Property due diligence in Thailand is a must, especially since the country’s property registration and licensing processes are complex. It is also important to check the developer’s background to avoid buying property from an unknown and fraudulent source.
Buying property in Thailand can be an expensive endeavor. Hence, it is advisable to invest in a quality property. However, it is important to do a thorough investigation before you finalize the deal. This includes asking about the status of the property’s title, the legality of the seller, and examining all relevant documents. Checking the title deed, the construction permits, and the building permits of the property are all important to make your property purchase in Thailand a success.
Performing property due diligence in Thailand can help you save a lot of money. Not only does it protect you from costly mistakes, it will also allow you to maximize your investment.