A Thailand Property Contract Legal Review is an essential step in the buying process. As a foreign buyer, you may not be familiar with all of the laws and clauses of the contract, which is why you should hire a legal professional with a wealth of experience in purchasing property in Thailand. Moreover, a lawyer will ensure that the property you’re buying is legally acceptable and has all the necessary permits.
Reviewing a Property Contract
When you are considering purchasing a property in Thailand, it is wise to review the property contract thoroughly to ensure that there are no hidden charges or clauses. In addition, Thai property laws differ significantly from those of many other countries, making it especially important to seek legal advice before signing any contracts.
A property contract should contain important details about the property you are buying, including the price per square meter, the terms and conditions for payment, and late payment penalties. In addition, it should detail the building type and material specifications. These details are crucial for buying a property in Thailand, since property values and taxes are different from those in other countries. As such, the valuation must be accurate to avoid legal issues.
Rights and Obligations of Buyer and Seller
Before signing a property contract in Thailand, make sure to read it carefully. Check whether there are any hidden clauses or charges. You should have a lawyer review the contract before signing it. Thailand property laws are different from those in other countries, so make sure to contact a lawyer to make sure your rights are protected.
Under Thai law, there are several different types of contracts between buyer and seller. One of them is the habitation contract. In this contract, the buyer is granted the right to live in another person’s house. This contract differs from a usufruct contract, which grants the grantee only the right to use the property for himself and his family.
Checking the Property Assessed Value
When purchasing a property in Thailand, it is essential to check for the property’s original assessed price and whether the title deed was legally transferred. This can be accomplished through a physical inspection of the property. In addition, you should check to see if the other party to the transaction is a Thai citizen. If they are not, they cannot own immovable property in Thailand.
In addition to the assessed value, there is also withholding tax. Both individuals and companies are required to pay this tax, which is usually a progressive percentage based on the appraised value. This tax is normally split between the buyer and the seller.
The Need for a Legal Review
A legal review of a Thailand property contract is essential before signing. This is particularly important for foreign buyers, as they may not have enough Thai language or legal knowledge to understand the details of the contract. A lawyer’s review will ensure that the contract reflects the features of the property and the required permits have been obtained.
Copy of the Contract
If you’re planning to buy property in Thailand, getting a legal review of the contract is important. As a foreign buyer, you’re probably unfamiliar with Thai laws and may be unsure of what you’re signing. This is why it’s crucial to hire a Thai lawyer who understands the legal process. Your lawyer will check the contract for accuracy, ensure that the property features are listed accurately, and make sure that all the necessary government permits have been obtained.
The lawyer will need copies of the buyer’s passport, marriage certificate, and parent’s names. He or she may also need a letter from the seller granting them permission to purchase the property. The title deed should also be provided.