When you purchase property in Thailand, you need to do some extra investigation and research. It is called property due diligence and it is an important step that will help lower your risk of making a wrong investment in real estate in Thailand.
You need to make sure that the seller has legal title for the land they are selling. This is usually done through a Thailand title search at the Land Office. This will tell you the history of the property and its ownership, as well as what type of title deed it has. This is also a good way to check the property has not been transferred or mortgaged in any other way.
Performing a Thailand property due diligence will also ensure that the owner of the property has no liens or mortgages on it. This will save you a lot of time and money in the long run.
Another important part of property due diligence is zoning checking. This will make sure that the property has been zoned to the right type of residential or commercial development. It is also a good idea to look at the building permit of any constructions that have been built on the property. This will ensure that it has been approved by the government for use and is being constructed in compliance with building regulations and environmental standards.
A reputable charted surveyor will be able to conduct the land survey and confirm that the property is in its proper location. This will prevent you from being ripped off by a developer who is trying to sell you an illegal piece of property.
In addition to this, you should also check if the property has any leases registered against it or any usufructs or servitudes that may limit the use of the land. These can create problems if you are planning to build on the land and would be very difficult to remove once you have purchased it.
Purchasing land can be a daunting task. It involves a considerable amount of money and requires a thorough background check to avoid a scam. This process can be complicated, especially if you do not know the language of Thailand and its laws.
This is why it is important to hire a lawyer who can guide you through the entire process of buying and selling property. Besides this, you should also get advice on whether the property is in a good area or not, so that you can make an informed decision.
You should also ask about the developer of the property. This will give you a better idea of the company’s reputation and their financial capacity to build a project. This will help you decide whether the company is trustworthy or not.
It is also a good idea to look into the developer’s past projects. This can tell you if they have any previous projects that were successful or not. This can also help you determine the quality of their work and if they are a reputable developer.
