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 understand them well.
Before you sign a property agreement in Thailand, consult a competent lawyer or attorney. These are the basics for a property contract in Thailand and the clauses you would need to look for.
These are the basics of what to look for in a property agreement from a developer.
- 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 completed 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;
As stated before, you will not know if the developer is well funded or if the title deed of the property is actually owned by the developer so it is best to always check with a solicitor first before you sign the agreement. Let your solicitor investigate any property transactions for you.