If you are planning to buy a property in Thailand, it is very important to conduct a Thailand Property Contract Review before signing anything. There are many things that you should look out for to ensure that you have a good deal. These include any details that are not reflected on the contract, ambiguous clauses, and payment schedules.
Checking the Details of the Contract
Thailand property contracts are not exhaustive, but they do cover the basic rights and obligations of the parties. This means that it is critical to check for any details that aren’t reflected on the contract. These details can lead to disputes or legal issues in the future. To avoid such problems, you should review the contract before signing.
The Sales and Purchase Agreement (SPA) is an official document between the buyer and developer. It serves as a legal document, so it’s essential to store the original copy for future reference. It’s also important to check for proofs that show payment has reached the developer’s account. Another important document is the Credit Advice/FETF, which is an official document issued by the receiving Thai bank. This document is required by the Land Department in order to transfer ownership.
Checking for Ambiguous Clauses
Before you sign a Thailand property contract, check for ambiguous clauses that may affect the terms of your contract. Ideally, a contract will be a mutual agreement between both parties. However, this is not always possible due to unequal bargaining positions, fraud, and market forces. The same problem is found in many contracts, including Thailand property contracts. Because of these issues, it is crucial that you consult with a legal expert before you sign a contract.
In Thailand, contract review is mandatory by law. Getting a professional to review your contract can help you protect your interests and avoid ambiguous clauses in the contract. This will help you avoid potential pitfalls and disputes and ensure that the sale goes smoothly.
Checking the Payment Schedule
If you’re buying property in Thailand, you’ll need to pay close attention to the payment schedule. This schedule will set out when payments must be made and what penalties may apply if a payment is delayed. It’s also important to see how much is due for each stage of the construction process. It should also contain a clause stating that you have the right to pass on the investment if you can’t pay on time.
You should always have a lawyer review any contract before signing it, particularly the Thailand property contract. Your lawyer can make sure that the contract contains all necessary information and doesn’t contain any ambiguous clauses. You’ll also want to check for any mistakes or inconsistencies.
Check the Original Assessed Price
If you are planning to buy property in Thailand, you must pay attention to the original assessed price of the property. This is a crucial element that determines value for money and serves as a basis for comparing the affordability of different projects in the same area. In addition, you must ensure that the other party is a Thai citizen since foreigners are not allowed to own immovable property in Thailand.