Buying or selling property in Thailand can be a complicated process. In order to avoid potential problems, it is important to perform due diligence before you make a purchase. This will help you avoid scams and ensure that you get your money's worth. You may also want to hire an expert to review your property contract to make sure you are getting the best deal possible. The experts will also help you avoid major issues that may arise in the future.
You should also check if the property you are looking to purchase has any legal issues that could affect you in the future. This includes whether the property has a usufruct or a mortgage. Also, check to see if the property has a current building permit. If the building permit is not up to date, the owner of the property could face fines. The current owner may also be behind on fees for the common areas. If a property is currently in arrears for fees, you may want to consider buying it from someone else.
You may also want to investigate the background of the current owner. Buying property from someone you do not know can be risky. You may also find out that the owner has a court order freezing all of his properties, which can affect your ability to make a purchase.
The process of conducting due diligence in Thailand involves a lot of information. The information you need will be detailed in a property due diligence report. The report will help you find out information about the property and the developer. You will also be able to determine whether the seller has a good reputation and is able to meet your needs.
You should also check if the owner is a registered property developer. If the property is not registered, you may need to hire a legal expert to help you. If a developer is not registered, you can contact the Land Office in the area to get more information. You may also want to check with the developer to determine whether he has a good reputation and has the financial capacity to handle the transaction.
If you are buying a condominium, you should double check the title of the property. If there is a gas pipeline servitude over the property, this is not a good sign. Similarly, if the property has a sewage system, it may be unregistered.
There are a variety of different tax issues you may face when you purchase property in Thailand. Some of these taxes are split between parties, while others are allocated to a single party. You will also need to pay stamp duty of 0.5% of the registered value of the property. You may also want to check for usufructs, mortgages, or other encumbrances. You may also need to check if the property has a sewage or telephone system.
If you are a foreign buyer, you may also want to inquire about other infrastructure in the area. If the property you are looking to purchase has a sewage system, you may want to check whether the developer has a sewage system.
