Due diligence in Thailand refers to the process of reviewing documents and investigating the legal status of a property. It includes questions such as whether the property is legal, whether the owner is reliable, and whether it has proper infrastructure such as telephone and sewage systems. In addition, it involves the physical inspection of the property.
Land Office
Due diligence is a critical part of buying property in Thailand, and the Land Office plays an important role. Similar to a US Registrar of Deeds, the Land Office keeps records of land development and encumbrances. A thorough land title search will help buyers avoid hidden sellers. They will also be able to find out who owns the property, and what liens are on it.
Checking the Title History of the Land
To invest in real estate in Thailand, it is important to investigate the title history of the land you intend to purchase. The first step in investigating the title history of the land is to search the land title documents. This can give you a lot of information about the land, including any liens and encumbrances. You will also be able to see if the land has residential zoning, planning codes, and environmental regulations. The next step is to determine whether there are any registered mortgages or liens. It is important to ensure that there are no liens or encumbrances on the land. The title investigation process is a multi-step process that includes reviewing all relevant title files for the land plot.
Legal Defects
Thailand’s laws do not provide consumers with many rights when it comes to defective goods. The Consumer Protection Act of 1979 and the Consumer Case Procedure Act of 2018 both do not provide specific provisions for consumers’ rights. Neither of them clearly defines the term “defect” nor defines the criteria for replacement or repair. Both laws also do not provide any clear information on how to file a complaint.
Legal Assistance
If you are purchasing property in Thailand, you should make sure that you obtain legal assistance to ensure that your investment is safe. This will include an extensive title search and background check on the developer. The good news is that most attorneys in Thailand will know which developers are reputable.
Importance of Due Diligence Report
When it comes to establishing a business in Thailand, due diligence is vital. While the country is beautiful and a desirable place to do business, there are international scammers out there who will try to defraud you. A good due diligence report will cover all the aspects of the business, from its legal framework to its market practices.
