Before signing the sales contract, it is imperative to get a legal review of it. Not only is it important to understand the contract, but it also protects you from any unfavorable legal clauses that may be included. In addition, you need to make sure that the property information in the sales contract matches the information on the title deed and other government permits and regulations.
Due diligence
As a buyer in Thailand, you must do due diligence before signing a sales contract. This will ensure that you are purchasing a property from a legitimate owner. Check if there are any lawsuits filed against the owner, whether he or she is in debt, and whether there is any mortgage against the property.
Due diligence is a multi-dimensional process that involves checking the property for legal problems and ensuring that the property owner is trustworthy. Due diligence can include a full physical inspection of the property, looking up litigation cases against the owner, and researching the property’s history and title. In addition, due diligence may involve checking the road access to the property.
Protecting from Unfavorable Legal Clauses
A sales contract in Thailand usually includes basic rights and obligations of the parties. However, a sales contract should take into account the interests of both the seller and buyer. If you want to protect yourself from unfavorable legal clauses, make sure that the sales contract is customized for your circumstances.
Hiring a Lawyer
It is highly recommended to hire a lawyer to review a sales contract in Thailand before signing it. This will help you protect your interests and ensure the contract is legally binding and follows all legal requirements. Additionally, a lawyer will ensure that the property you are buying has all necessary permits. This is particularly important if you’re a foreign buyer.
Thai sales contracts usually outline the rights and obligations of both parties, although they aren’t exhaustive. To avoid legal disputes caused by unclear language, it is wise to hire a lawyer to review the contract before signing it. A lawyer will also ensure that any government permits have been obtained. If you want to make sure your sales contract is as legally sound as possible, don’t hesitate to get a copy of a sample contract first.
The ideal sales contract will be a fair agreement between the two parties. But these ideals can be hampered by market forces, unequal bargaining positions, and fraud. In Thailand, buying and selling property can be a sham, but there are ways to avoid legal problems. To start, you should hire a lawyer with extensive experience in the Thai legal system. He will review the contract and ensure that the features of the property are compatible with the property’s description and that all required government permits have been acquired.