If you are buying real estate in Thailand then speak to a property lawyer who will view the contract for you. These are only the basics of what to look for when viewing property contracts in Thailand. Speak to an attorney before signing any contract.
These are the basic points as highlighted which you need to ensure are on the agreement. This is only for guidance as you should always have a property attorney look at any agreement first:
- The contract has to show a start and a date when the project will be completed. This is important when buying offplan apartments.
- The contract must show the price of the purchase and how it will be paid. On completion or at different stages of the project.
- Payment penalties need to be added so that if it is not completed on time they have to pay you for waiting for completion.
- The floor plans should be in the contract showing the internal and external measurements of the condo or house.
- Most contracts allow for dispute resolution as this is less costly should problems arise out of a building dispute.
As stated before, you need to consult with a property attorney before you sign any agreement to ensure that you fully understand the laws of Thailand. Thai law is not the same as the laws in your country and you need to be very careful or lose your investment later. Bangkok has many incompleted projects standing half built. Be sure you speak to a property attorney before you do anything else. Speak to any of our property attorneys in Thailand in any of the main cities today!
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