Defining Due Diligence in Thailand
Buying and selling properties is one of the most common investments in Thailand, both for business reasons or personal use. However, it is important to ensure that you are doing this in a responsible way and with the help of a qualified real estate lawyer. This is called Due Diligence.
Defining Due Diligence In Thailand
“Due diligence” is a term used for the process of performing an inspection or review of a business or a person before completing a transaction, such as signing a contract or appointing a vendor. It can also be used to evaluate a target company or its assets for an acquisition.
Property and Developers
When you are buying a property, it is important to make sure that the company or person selling you the property is legal and solvent. This can include examining their financial records and checking to see if they have passed any environmental impact studies or zoning laws. You will also want to look into their legal background and whether they are able to get a construction permit for the building that you are buying.
The process of doing due diligence involves looking into a lot of different factors, so it is always a good idea to hire a qualified lawyer to do this for you. This will ensure that you are getting the best possible information about the property you are buying and will help lower your risks.
Before you buy a property, it is also a good idea to check the land title for any mistakes that may have been made. This is because a mistake in the title can have a serious legal impact on you and your investment.
In Thailand, there are several different types of land titles that can be obtained for a piece of property. Each of these has a specific set of rights and responsibilities that you should understand before you buy the property. Some of these rights can be restricted, while others may allow you to sell the property without any restrictions.
Some of these issues can be difficult to understand and may require an experienced attorney to help you navigate them. These problems can range from liens on the property to issues regarding its legal ownership.
Other concerns that you should consider when evaluating the property that you are buying include the condition of the property and its boundaries. You should also investigate whether the land has been fully surveyed and is free of any defects.
A professional property lawyer in Thailand will be able to tell you what kind of checks are necessary before you purchase a piece of land. This will help you to be able to determine if the property is worth the money that you are paying for it.
What Is the Difference between Land and Property?
There are a lot of differences between the two when it comes to legal rights and responsibilities. This is especially true for land. There are some types of land in Thailand that will give you only possessory rights, while other types will give you full property rights and the right to transfer (sell) the land.