THE DOT PROPERTY AWARDS

By: Magna Carta Law Firm

DUE DILIGENCE FOR PROPERTY PURCHASE

Investing in real estate certainly involves huge amount of money. We cannot deny the fact that there are some fraudulent dealers and developers taking advantage of investor’s lack of knowledge on legal procedures and documentation related to

Due Diligence is a useful tool for estimating the status of a prospective project and the developer. It is the research and reasonable person takes extra precaution before entering into an agreement or a transaction with another party to prevent unnecessary harm as the procedure helps to identify potential all material facts and legal parameters with regards to a sale or

The failure to conduct necessary precautions could result to on the part of the investor or buyer. Buyers must remember that will not hold responsibility for problems the buyer did not earlier discover.

Important Factors to Consider in Carrying Out Due Diligence

• Make sure that the Title Deed has been legally issued. Information contained in a title deed must match with the records in the Land Department. • Be aware of any encumbrances and liens currently levied upon the property. title of ownership that may therefore have the full legal rights to sell the property. • Be aware of any pending or potential legal action involving the property. legal documentations for a project that is not yet built. • before signing to purchase. • Have a clear understanding of the rights and obligations of to completion and what remedies there will be if the project is not completed on time.

• It is recommended to have a lawyer in Thailand to review the contract drafted by the seller to ensure it is prepared with proper terms of any hidden cost and drawbacks.

The need for a thorough due diligence must begin before signing a binding contract. The necessary title and background purchase and ensure that both parties deal with each other in a fairly manner.