Things to Consider Before Purchasing Property in Bangkok
Location is the most important factor when purchasing property in Bangkok. If you are looking for a home close to the city's attractions, you should consider buying a condominium in a central location. This will make your commute much easier and will reduce traffic congestion. In addition, condominiums built close to mass rapid transit lines will improve your travel experience.
Drafting Thai Will and Testament
Creating a Thai will is important to ensure your property will pass to your loved ones. Thai laws dictate how you should divide your estate in the event of your death. If you are married, your spouse automatically receives half of your community property. After that, your children or statutory heirs are awarded the rest of your assets. If you do not have a will, your assets will pass to the government or your spouse.
If you are buying property in Thailand, make sure to draft a Thai Will and Testament before you purchase it. This document should state the names of your heirs, and it should be written in Thai and English. It should also state what you would like to happen to your deceased loved ones. Some people want their bodies to be shipped home after they die, while others would prefer a cremation funeral. Either way, you should clearly outline who is going to receive your assets in Thailand.
Property Due Diligence in Thailand
When buying property in Thailand, it is important to take due diligence measures. You will need to find out who the developer is and their track record. You will also need to check for the Land Title Deed and make sure it shows the last owner's name. It is also important to have proof of payment. These documents show that the money paid for the property has reached the developer's bank account. Additionally, you should make sure you have received the Credit Advice / FETF from your Thai bank, which is required by the Land Department when you transfer the ownership of the property.
The contract should contain the terms of the deposit. Most developers require a downpayment of around 10 percent of the contracting price. The deposit is refundable or retained in case you do not end up staying on the property. Be sure to check the deposit terms with the seller before signing the contract.
Other Property Legal Services in Thailand
If you are planning to purchase real estate in Thailand, it is imperative to get an attorney to help you with the Property Services in Thailand involved. Whether you are buying a condominium in Bangkok or another part of the country, you should understand the procedures and laws surrounding property transactions. You should also make sure that your property does not have encumbrances, such as a mortgage or other property. Generally, you will hire a lawyer to perform a due diligence process before purchasing a property.
Property law in Thailand can be difficult to navigate, and mistakes can result in hefty fines. A property lawyer can help you avoid this by knowing the legal language and can assist you with deed transfers, contract reviews, and litigation. An attorney can also help you with zoning restrictions and other legal aspects related to property ownership.