Some of the most common property problems in Thailand can be avoided if you have the services of an experienced property conveyancers in Thailand.
The most common problem in Thailand is that the property market does not offer much protection as it would in the West. As an example, there are no limits or need for disclosure as to commissions being paid to an agent in Thailand. Many times this is where the initial problems start as the fees are so high that the property does not come across as being very appealing to the buyer.
Using the attorneys of the property developer is one of the most common errors that are made. Most times the attorney is looking after the interests of the developer and not yours. That is akin to you taking the advice from your wife’s attorney during a divorce. It is easy to do but most times it will cost you an arm and a leg. Always use an attorney or conveyancer that is not linked to the property developer as this ensures that you have the law on your side and that there is someone looking after your needs legally.
Most smaller developers will tell you that the contract is standard and that you don’t need a lawyer to look at it. This is your first problem as it creates a situation where you would sign which you don’t understand. Litigation in Thailand can draw out for years and at a high cost as the wheels of justice in Thailand turn very slowly. Consult us online or in-person to get proper legal advice with regards to the contract you are being asked to sign. It might just save your investment or retirement nest egg.
Many times the person who you are dealing with has no relation to the project but is trying to make some money on the side. This person will tell you whatever it is that you want to hear as they cannot bind the developer or speak on behalf of the developer. This creates a situation again where what is being agreed on now might not hold any water when it comes to signing the contract. Be very careful with regards to agents that are not authorized by the developer to speak on their behalf.
Signing a Thai contract without the ability to speak or read what it is that you are signing is financial suicide. Never sign what you don’t understand. Even though this might sound foolish – you will not believe the amount of buyers who sign contracts blindly. Always have it translated for you.
If you are looking at the Thai property market then speak to any of our Thai conveyancers about property contracts and what to avoid when dealing with property developers. Speak to us in person or online or simply call any of our tollfree US or UK telephone numbers. See our main website for more details.