No, of course not.
You would not call the fire department if your house were on fire either…
As we are not buying a cheeseburger at Mcdonald’s, we always strongly recommend engaging a lawyer or legal advisor wherever it feels appropriate to do so.
Lawyer fees in Thailand are just a fraction of what you are used to paying for them at home.
So, no excuses. Better safe than sorry.
Where the lawyer comes in handy.
In very simple wording: A solicitor or lawyer advises clients and represents them and their legal rights.
When buying any property in Thailand there are various elements to be coordinated that will ensure smooth transactions.
To name a few:
Title deed search.
What type of title comes with the property?
Is it a freehold title or a title with restrictions?
Is the title free of any debt or liability?
Freehold, leasehold, or other options?
Purchase contract (name or share transfer).
Is the purchase agreement correct and well-evidenced?
Is it providing sufficient and equal security for all parties involved?
Safe money transfers.
Instructions that are relevant to safely transfer monies across.
Who is going to receive your money?
Directly to the seller, or perhaps agent or better to your lawyer in Escrow?
Will you convert your foreign currencies at the best possible rates?
Can I pay with Cryptocurrencies?
Cash, Bankers drafts, or cashier cheques? What is the difference?
Did you obtain a FOREX form (Thor Tor Saam [TT3] or Foreign Exchange Transaction form) from the bank that proves the remittance of foreign currency?
Free of Debt Letter.
Did the seller of the condo provide a free of debt letter in a timely fashion?
Transfer of ownership at the Thai provincial Land Office.
How much fun is that? Did you get a queue number the day before?
There is no need to bring a lunch basket in case you are stuck at the land office all day.
Several Thai fast-food eateries around. Drink enough water to avoid dehydration.
Transfer TAX, stamp duty, and business TAX.
Ehhhh…. What are you talking about?! Please explain.
How much will your transfer fee be to be paid (in cash) at the land office?
Is there any TAX liability when I own a property in Thailand? Like a property TAX?
Due diligence on an existing Thai Company Ltd.
How to register a new Thai Company Ltd?
What are proxies?
Preferential or ordinary shares? What is the difference?
Accounting and audits.
I did not use a lawyer and now I am facing problems.
I need legal advice.
The developer does not deliver in time, or not at all.
Parties are in breach of the agreement.
A million dollar question:
Why did we not disclose all these topics in greater detail?
Well, because we are one of the top real estate agencies in Pattaya and not a lawyer’s office.
In closing: If all the above-raised issues are plain as day to you, you obviously are one of the happy few that feel comfortable not using a lawyer. Of course, your Thai language proficiency is fluent as well?
In that case, you may forget about this article and select and read one of the other news write-ups on our website!
Author: Mr. KC Cuijpers