Enthusiasm is common among foreign property buyers and that is perfectly understandable as a sight of having a dream home in Thailand is definitely wondrous. Well, there is nothing wrong with having such sense of enthusiasm but things can go wrong if it is not contained which can result to some mishaps in property purchase such as setting aside the option of consulting a property lawyer.
On the other hand, many property buyers consider lawyers as added cost to their pursuit of some properties in Thailand. Even if they knew for a fact that lawyers are keys in minimizing the possibility of committing pitfalls in property purchase but still; they want these lawyers to have minimum participation in the process simply because for them, the earlier these legal luminaries are involved, the heavier the legal costs will be.
But, if you are one of these property buyers, enthusiasm and cost considerations should not be the deciding factors for you when it comes to consulting and involving lawyers. The deciding factors should be the lawyers’ ability to ward off pitfalls in property purchase as well as their expertise on the Thai process and the Thai property laws.
Surely, property agents do have these ideas but ideas are way different compared to expert knowledge. Moreover, property agents cannot do legal actions that lawyers always do.
Among these legal and nonlegal exercises are the following but not limited to: due diligence, title search, contract review, property registration and accurate translation of legal and non-legal terms.
Due Diligence – the earlier this is being done, the better it will be for you as this allows you to know more about the property, the agent and the developer before any contract has been agreed or any form of promise or gentleman’s agreement have been made between you and the seller.
Title Search – a title does not only speak about its registration but also the original, past and present owner/s of the land on which the property sits, if the said property development (condominium development for instance) is not restricted on such locality and if the said property or the seller is not subject to any litigations. Your property lawyer or firm can do all of these for you and assist you with your decision making.
Contract Review – naturally, the property seller always assure you that its lawyer or lawyers have made sure that the contract is fair for both sides and no hidden clauses that can place you in the losing end are included. But, to better protect yourself, your own lawyer can do a contract review to ensure that your rights and interests are protected. Furthermore, your lawyer/s can negotiate and make modifications in the contract to safeguard your interests.
Lawyers and law firms indeed but who should you hire if you do not have a property lawyer in Thailand yet?
There are lots of lawyers with property services in Pattaya, Phuket, Bangkok and other places in Thailand but only a few of these lawyers or law firms have a branch in other countries such as in the United States, Australia and the United Kingdom.
Branches outside of Thailand may sound irrelevant to you but if you cannot visit Thailand as often as you need to so that you can ensure a safe and secure property purchase, these key branches can still put things on track for you.
But, among the most important qualities that you must consider when choosing the best lawyer or law firm to represent and aid you with your property purchase are the following but not limited to: experience, expert knowledge and proven track record.
If you are to sum up those three qualities to one word, that word is “reputable.”
With the word “reputable” in mind, you can now narrow down the choices of lawyers and or law firms to choose from. If you think you have found one, try to gather some feedbacks about them but refrain from relying too much on feedbacks as they are highly dependent on personal opinions.
For you to have your own personal opinion, try contacting these property lawyers and or law firms so that you can gauge them yourself whether they are in the same playing field as you are and if they are in the best position to advance your interests on properties in a manner that is safe and the risks of committing pitfalls are at the minimum.