There are many things to keep in mind when you are performing your Property Due Diligence in Thailand. It is important to conduct a title search and property due diligence report to ensure you are not buying a fake. Moreover, you will want to know how to negotiate with the developer for a discount. These tips will make your property due diligence in Thailand much easier. Read on to find out more! Let’s dive into the details.
Doing a Title Search
If you’re considering purchasing a property in Thailand, doing a title search is an essential part of the due diligence process. Unlike most other countries, Thailand requires title searches to be done before purchasing property. In addition, you’ll need to know the developer’s history, if they have filed for bankruptcy, or if they have sold units without proper title. Thankfully, there are several services in Thailand that can help you complete your due diligence.
If you are buying property in Thailand, conducting a property title search is a must. The title search can help you determine whether the seller has ownership rights or not. It will also reveal liens on the property and the extent of usufruct or superficies. Because title deed fraud is a problem in Thailand, it is advisable to consult a Bangkok property lawyer to ensure you are dealing with the rightful owner.
Property Due Diligence Report
It is imperative to do your own due diligence report before buying a property in Thailand. First of all, you should ensure the legal right of the owner to sell the property. The title deed must match the Land Office records. If you do not get the title deed from the seller, you are at risk of dealing with a fake owner. The only way to avoid this is to do your own due diligence report.
Finding out if a property is a fake
There are several ways to find out if a property in Thailand is fake. For starters, make sure to meet the landlord face to face. Secondly, make sure to research the property’s surrounding area. Don’t make a hasty decision when it comes to buying a property in Thailand. Instead, use reputable resources to help you find the right property for you.
Negotiating a discount with a developer
When purchasing a property in Thailand, it is essential for foreigners to carry out due diligence on the project. This step protects your rights and makes the sale credible. You can also find out whether adjoining parcels of land have been sold for less than what you paid for yours. The initial environmental examination report is one of the first steps in negotiating a discount with a developer.
Cost of Due Diligence Report
Whether you’re looking to buy an immovable property in Thailand or are thinking of investing in one, it’s important to conduct proper due diligence. A due diligence report confirms whether the legal owner of the property is able to sell it. It also helps determine if any potential attachments are legal. Obtaining such a report requires the guidance of a property practitioner with a background in legal matters. The property practitioner must conduct a thorough title search and evaluate any building construction permits.