When purchasing Thailand property, foreign buyers should get a Legal Review of the contract before signing it. Not only do they not know Thai law, but they may not speak the language fluently. Having a lawyer review the contract will ensure that the contract matches the properties’ features and that the necessary government permits have been obtained. Here are some tips to help you make a wise purchase in Thailand. Read on to find out more!
Contract Legal Review
Getting a legal review of a contract is vital to the buying process in Thailand. You may not know all the laws in Thailand or even the language well enough to understand all the clauses in a contract. To avoid future issues, it is best to hire a lawyer who has experience with the legal system in Thailand. Not only will a lawyer ensure that the property you’re interested in is legal, but they will also check whether all necessary permits have been obtained.
The process of contract review is mandatory in Thailand. In most cases, the lawyer who drafts the contract has the interests of the seller in mind, and the buyer’s interest is not represented in the contract. A contract review can protect the buyer from ambiguous clauses or an outcome that is less than satisfactory. A contract review is also a good way to ensure a smoother purchase and avoid any hiccups later.
Thai to English Translation
If you’re planning to buy a property in Thailand, it’s vital that you review the contracts before signing them. Getting a contract reviewed by a lawyer will ensure that you don’t miss any important details or encounter hidden issues. In addition, a contract review will help you avoid costly lawsuits that can happen during the buying process. Here are some of the benefits of contract reviews:
If you’re purchasing off-plan property, the contract should specify the price per square meter. Also, be sure to check payment terms and any penalties for late payments. It’s also important to know what kind of building or model you’re getting. What kind of materials are used in building it? This is critical in Thailand, where taxes and property values are very different than in other countries. Getting an accurate valuation is important to avoid any legal problems down the road.
Legal Responsibilities of Both Parties
If you are considering purchasing property in Thailand, you should know what your legal responsibilities are as a buyer and seller. Thailand’s legal system is far from straightforward. It has different restrictions on the contractual terms that can be legally binding, and you should carefully review all the relevant court decisions before signing any contract. In addition, Thailand’s real estate laws differ from those of other countries, so you should consult a lawyer to understand the contract’s terms.
The ideal contract would be a fair agreement between the parties, but market forces, unequal bargaining positions, and fraud often get in the way. The same malady can plague Thailand property contracts. Buying and selling property here is often a sham, and the buyer and seller stand on unequal footing. Whether or not this is true, there are some steps that both parties can take to avoid legal consequences.
Costs of Hiring a Contract Review Lawyer
If you’re buying a luxury property or buying a foreign property, it’s crucial to get a contract review before signing the deal. This type of review identifies any hidden issues and helps you avoid costly lawsuits in the future. A contract review by a lawyer is an essential step in the buying process. There are several reasons to get a contract review:
A legal review will cost around $450 – $3,000, and will include research on the terms of the contract, which will add a few hundred dollars to the overall price. It’s also important to keep in mind that a lawyer’s fee will depend on the size of the property and their services. However, a good rule of thumb is one percent of the total value of the property. Some lawyers charge a fixed fee based on the number of amendments that need to be made to the contract. Other lawyers may charge an hourly rate.