The Land Office is a very important authority for property ownership in Thailand, but many foreign investors are confused about how to conduct a thorough property due diligence in Thailand. Here, we’ll take a look at the key steps involved in this process. The video below is intended to give you a general overview of due diligence in Thailand. In addition to highlighting the importance of a proper title search, it also explains the costs of a property due diligence report.
Property Title Search
Performing a property title search in Thailand can be a vital step in buying a property. This type of search will provide you with a detailed history of the property. It will tell you whether the seller is the original owner or has encumbrances on the property. Title search records can also reveal liens on the property. Traditionally, all land in Thailand was owned by the King. In Thailand, property title searches are important to find out if the seller is the rightful owner of the property.
There are many things to look for when doing property due diligence in any country, but particularly in Thailand. In order to avoid significant risks, you should conduct an investigation before buying a property. Whether the owner is a legitimate business or a private individual, due diligence is essential to protect your investment. Professional real estate agents can provide you with key information and integrated solutions that will help you make an informed decision about the property you are considering. Common problems that can arise while buying a property in Thailand include land-use restrictions, eviction issues, and building permit requirements.
Cost of Due Diligence Report
A property due diligence report in Thailand is necessary if you want to make sure that your investment is secure. A property due diligence report will reveal whether the property you are buying is affected by a servitude or usufruct. For example, if there’s a gas pipeline running across your property, you may not be able to use it because it is not registered and executed. This is a common issue in Thailand, and you should look for signs of servitude before purchasing the property.
Protecting Yourself from Fraudulent Transactions
Buying property in Thailand requires considerable care to avoid getting ripped off. There are many scams and fraudulent transactions in the country, and even in the legal process. Fraudulent transactions can occur in any high-value transaction, from buying a car to buying a home. Even the Law Society has named one of the most common types of fraud as Friday afternoon fraud. By understanding the risks of fraudulent transactions, you can be protected against them and avoid being ripped off by these companies.
Having the right knowledge is crucial to buying a property in Thailand. Due diligence refers to the process of examining a property’s background, status, and any encumbrances. A property due diligence investigation can help you avoid falling victim to fraud.