Property Contracts in Thailand
Before you buy property in Thailand and well before you sign any property agreements in Phuket, speak to our solicitors about the contract to ensure that you know what you are signing yourself into. Contracts can be very complex and it important to undertsand them well.
Before you sign a property agreement in Thailand – speak to us at Siam Legal. These are the basics for a property contract in Thailand and the cluases you would need to look for. Again – speak to a solicitor in Thailand before signing any contract.
- The property being constructed must have a start and completion date in the contract. This is very important;
- The agreement must state what the developer will pay if the construction is delayed and how you will be compensated;
- The cost of the condo or villa must be stated and the prices fixed. Payment terms and a schedule of construction must be noted;
- The agreement must state the size of the units as in square meters and must be the internal dimensions of the condo or villa;
- There must be a complted floor plan of the development;
- The agreement must state that the developer is the owner of the land. This is always important;
- Any specs that you wanted must be included in the agreement. If the agreement says blue tiles then all these are to be listed in the agreement;
These are the basics of what to look for in a property agreement from a developer. As stated before you will not know if the developer is well funded or if the title deed of the property is actually owned byt he developer so it is best to always check with a solicitor first before you sign the agreement.
Again, speak to us at Siam Legal with regards to any property transactions and let our solicitor investigate this for you. Contact us via our tollfree US or UK telephone number or speak to us on live chat on our main website. Better yet walk into any of our offices in Thailand for a free consultation to get you started.
Comments are closed.