As you are looking to buy property in Thailand, you must first perform Due Diligence on the property. This means checking the legal status and history of the property. Performing Due Diligence will prevent you from dealing with a fake owner. It also ensures that you are not dealing with the current owner who is behind on the common area fees or management fees. Listed below are some of the main benefits of Due Diligence for Thailand Property.
Due Diligence is a second check
If you’re planning to buy property in Thailand, you’ll need to do due diligence before you make your final decision. Due diligence involves conducting a thorough check on a seller’s record and the property’s physical condition. In addition, you should conduct background checks on the seller and developer to ensure their legitimacy. The complicated property registration process in Thailand can also leave you vulnerable to land scams.
The first step in conducting Due Diligence on Thailand property is to verify the title deed. This check ensures that the ownership and transfer of immovable property is legitimate. Many buyers fall victim to land and property scams in Thailand, so it’s important to verify that there are no unregistered leases, usufruct, superficies, or servitudes on the property before buying it. In Thailand, a property can only be purchased as long as its title deed has been registered.
It is a process to find out the status and history of a property
Due Diligence for Thailand Property is essentially a process of examining the past, current, and past owners of a property. It involves a physical inspection of the property, checking the title, and researching government permits and liens on the property. It also involves performing background checks on the seller and developer. Due to the complexity of property registration in Thailand, scams and property frauds are more common than you may think.
In addition to checking if there are any legal issues with the property, buyers should have their Thai lawyers review the property documents. They should also make sure that the property has a proper Thai Chanote. Typically, the Chanote must be in order to claim the property as their own. To do this, buyers hire a Thai lawyer, such as Integrity Legal.
It prevents dealing with a fake owner
Purchasing or selling Thailand property involves a number of legal risks. Whether you’re buying or selling an apartment, condo, or villa, the legal issues may arise. Due diligence is crucial to ensure the property is legally owned by its rightful owner. For example, you must check if there are any lawsuits against the property owner. Also, you must find out if there are any mortgages on the property.
Verify the current owner is not in arrears
If you’re thinking about buying a Thailand property, it’s vital to do your Due Diligence. A property’s current owner may be in arrears on management or common area fees, and you’ll need to check with the building management company to make sure there aren’t any. You can also find out whether there are restrictions in place that prevent condominium development.
