Why Legal Review of a Thai Property Contract is Important
It is important to get a legal review of your Thai property contract before you sign it. The process of contract review is a legal examination of hidden charges and clauses that may be included in the contract. Whether or not you need to hire a lawyer to perform the legal review of your contract depends on the parties involved and the details of the contract itself. Below are some reasons why contract review is crucial before signing any contract. Listed below are some of the benefits of getting a Thai legal review.
Do you need a lawyer?
When a real estate agent prepares a purchase and sale agreement for a property, they often include an attorney review clause. This clause allows the buyer or seller to review the contract before signing it, and may even make changes to it. Depending on the circumstances, it can be beneficial to use the lender’s attorney to review the documents before signing. However, if you decide to use your own attorney, it’s important to remember that the contract is binding upon you.
When signing a sale and purchase agreement, there are many things to watch out for. The contract must clearly state the price of the property, how you will pay for it, and when the transaction will close. It should also have all the details about the “contingencies” of the transaction. For example, if the property is encumbered with a mortgage, the seller can’t force you to close until it’s paid off. The seller can also ask for additional time to vacate the property. In addition to reviewing the contract, a lawyer can make sure that there are no hidden clauses in the contract.
Hiring a lawyer to review your Thai property contract is an expensive option. In contrast, you can always ask for recommendations from the local expat community, who have probably dealt with a good number of property lawyers in Thailand. There’s no need to pay a lawyer to review your Thai property contract – unless you’re confident that you’ve got a bad deal.
While you might have to shell out as much as four hundred dollars for a basic review, this service is well worth the money. It will give you a second set of eyes on your contract and help you decipher legalese. It will also give you more confidence before signing anything. It may also save you a lot of time compared to trying to figure out the finer points on your own.
Negotiate with the seller
If you’re buying property in Thailand, you can negotiate the sale of your new home without involving a legal professional. While the process is fairly unregulated, a real estate agent may act on your behalf, which is generally fine. But you should take the time to check the details of the property and verify the ownership. If you don’t have a lawyer, you may end up with problems later on.
A Thai property contract lawyer can review the terms of the contract and protect your interests. This is especially important if the contract contains a long-term environmental liability or indemnity clause. General covenants generally include the seller’s warranty of compliance with environmental laws, and the buyer’s indemnification of the seller for any liabilities arising from such. They can also include contractual damages.