Property Due Diligence in Thailand is a thorough investigation of a property before buying it. Usually, a third-party, such as an attorney, will survey the target property to gather information that the buyer may find useful. Among the most important things to check out are whether the seller is the legal owner of the property
Foreigners are not normally allowed to own a house in Thailand (under the Land Code BE 2497 (1954), the Civil and Commercial Code, Land Reform for Agriculture Act BE 2518 (1975)) without loads of red tape and large investments in Thailand. What most foreigners in Pattaya do is to simple buy a house in the name of their wife. This is a bit of a tricky situation as in a divorce the house normally becomes a big issue.
In Thailand, even if it is a person who is actively seeking for the prosecution of an accused, it is actually the state who would be the primary complainant of the case. With this, the injured party would only act as a witness rather than the one suing the offending party. This is so because Thailand considers criminal acts as crimes against the state and as offensive to the peace and order of the Kingdom.
For now, the quiet seaside town of Rayong is probably known as much, perhaps not always fairly, for pollution as it is for property. However, its flourishing real estate market is starting to grab investors’ attention.Over the last three years, returns have certainly been impressive. In older buildings, prices for some condo units originally acquired in non-performing asset sales have already doubled.
Investing in Property in Thailand you always need to know what the taxes on the property is. Speak to our property lawyer in Pattaya about the tax rates on property and also transfer taxes. Speak to us today in Pattaya or online if you have any questions!
Many property developments in Pattaya fail and this can be seen by how many half completed projects there are including in Bangkok. Speak to our expatriate lawyer in our Pattaya office before you invest in any property development in Thailand. IFA has taken over just over 26% of the Raimon Land PLC. Raimon Land is a well known and very reputable Bangkok real estate development company.