Property Contracts in Thailand

admin Business in Thailand, Property in Chiang Mai, Thai Law

In many business transactions, including purchasing property, the other party will provide you with a contract, which may be in English or Thai. It is also important to review the contract carefully before you sign it, so you may need a translation.

To make sure the transaction or sale goes smoothly, it is important to have a good understanding of what the contract says. In some cases the contract the the other party gives you will not be complete. While the other party may say that their contract is standard, we have seen many errors and omissions in so called “standard contracts.”

There is no need to use a particular contract if it does not meet your needs. When executing any important contract, it is always a good idea to get a lawyer’s comments on the terms of the contract to make sure they are legal, complete, and enforceable if something goes wrong. This is especially true if you are in a foreign country. Siam Legal’s services include reviewing many types of contracts to make sure that your interests are protected. We can review the contract to make sure that it fully and accurately describes the other party’s duties and does not include any hidden charges.

Buying or Leasing Land

If you are buying or leasing land, it is imperative to make sure that you are allowed to build a structure or house on the land if that is your plan. This is sometimes called the right to superficies in Thailand. In

Thailand, the usual contract of sale only lists basic rights and does not list all the exhaustive rights and obligations of the seller and the buyer. More exhaustive sales contracts, as are common in many other countries, allow for all possible contingencies such as default by the seller or buyer. For example, if the seller has to complete development before the transfer of property, the contract should clearly lay out a schedule and standard for the construction or other development. Often sales contracts which are signed before development is completed will include the construction plans, schematics or blueprints.

At Siam Legal, our lawyers will review the property contract and will make any amendments in necessary to meet your needs. Once made, the amendments will be provided to the other party for final ratification and agreement.

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