It is common practice for property buyers to consult the professional expertise and services of local lawyers to conduct due diligence checks on the property title and/or developer to ensure they have the legal right to sell.
Typical legal services may include:
- Initial investigation of title to ensure there are no outstanding charges and encumbrances
- Preparation or review of a reservation agreement or sales and purchase contract
- Assistance for buyers in opening a Thai bank account
- Advice and assistance in ensuring compliance with the condominium act (if applicable)
- Assistance in obtaining the FET (foreign exchange transaction form) from the buyer’s bank required at land office to register the transfer of ownership.
- Calculation of the applicable taxes, duty & transfer fees.
- Representation at Land Office for completion of title transfer
- Providing any Power of Attorney necessary for the transaction
Due Diligence Services
- Bankruptcy Search (on Developer)
- Investigation of land zoning and building permit
- Examination of the Condominium Juristic Person (company or individual owners)
- Vetting of the rules of the condominium
- Vetting of the condominium accounts
- Enquiry as to the proposed future expenditure
- Vetting of the insurance policy
- Site inspection where required
- Reviewing IEE and IEA filling process and approval (where applicable)
- Check construction/developer plans fit with EIA approval (where applicable)
- Background check if any outstanding legal proceedings or mortgages for the land, property or actual developer
Please note: Buyers are not required to be in Thailand for the legal transfer of property at completion. A power of attorney will allow a lawyer or representative to conduct on your behalf. Any funds used for purchasing a property can be sent your legal representative, who will ensure all legal documentations, FET (foreign exchange transaction forms), invoices and receipts and payments are made to the seller and the title deeds and ownership documents are returned to you.