Siam Legal Article

Be Wary of Unscrupulous Developers Thailand for the past decade has become a haven for tourists. These passersby more often than not find themselves coming back and staying permanently. Along with this phenomenon is the need to provide for them permanent accommodation.

Thailand property laws are specifically designed to cover foreigners and property acquisition.

Since acquisition of land is explicitly prohibited to foreigners, the best deal is to buy a space in a Thailand condominium building. To meet this high demand, there emerged a number of developers playing a big role in this booming enterprise.

The challenge now for would-be property buyers is deciding who amongst these key players one should purchase from. Property acquisition is a form of investment, therefore certain safeguards must be sought. First and foremost, the would-be buyer should at least be certain that the developer he is dealing legally exists under the Thai law.

Now, how can a foreigner be sure that he is dealing with a legitimate developer? One of the tell tale signs is how the Sales and Purchase Agreement is drafted. One has to go into the details of the Sales and Purchase Agreement given and check the necessary attachments.

The most logical thing to do is have a Thailand lawyer or a consultant with in depth knowledge of the Thai laws and the basic know-how in the actual practice of property acquisition check each and every stipulation and see to it that it has complied with the minimum requirements set by law and that the buyer’s rights are protected.

This is the safest route to undertake so as not to put to waste one’s hard earned money into an empty investment that would eventually lead to an ugly battle commonly known as litigation.

This article was provided by Siam Legal, an international law firm with offices in Thailand and three other countries. Siam Legal publishes legal guides to dealing with property in Thailand on its website.

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