Due Diligence Foreigners Should Do Before Buying Residential Buildings in Thailand 外國人在泰國買房需進行的盡職調查
There are two kinds of residential buildings in Thailand, one is licensed condo registered under Thai Condominium Act 2008 and apartment building which is not licensed and registered under Thai Condominium Act 2008. On top of that, only owner of a registered condo and licensed with Land Department can acquire full ownership. When buying a residential building in Thailand, foreigners will prefer condos registered and licensed with Land Department which provide safety and benefits and comply with regulations under Thai Condominium Act 2008.
Before a foreigner sign a sale and purchase agreement to purchase a condo, it is advisable to conduct due diligence on several matters such as the condo and the seller. Following are matters you should look into when conducting investigations:
1. Make sure that the seller is the actual owner of the property. Therefore, a copy of title deed of the condo is required to check whether he/she is the legitimate owner together with a copy of the seller’s ID/passport (for natural people) or company license (for companies) is required.
2. Investigate as to whether the title deed is under any mortgages or charges, and if the answer is yes, ask the seller to provide more details regarding to this. If there is a mortgage, the seller should release it before the property is being transferred to the buyer. The buyer can therefore legitimately own the property.
3. Conduct litigation search in order to see whether the seller is involved with any civil, criminal, or bankruptcy cases.
4. Conduct structure test to make sure the property is stable and does not involve any damages or any negative effect.
5. Conduct financial investigation on juristic owner of the condo and to make sure its assets is more than its liabilities.
6. Make sure foreigners can legitimately own and to purchase such building.
7. Make sure the condo is being sold under the unit descried in the land title deed.
8. Dealing with the owner of the building.
9. Make sure the zoning and environment regulations of the building are in compliance with its standard.
 Based on Section 4 of the Thai Condominium Act, a condo means the building where persons are able to hold ownership separately according to the section whereby each section consist of personal ownership in the property and joint ownership in common property.  Based on Section 4 of the Thai Condominium Act, an apartment means a separate part of a condominium that may be separately owned by an individual.
#泰國買房 #泰國買房盡職調查 #盡職調查 #泰國共管公寓法 #IBC法律金融會計事務所 #泰國事務所 #泰國律師 #泰國法律事務所 #泰國中文律師 #泰國會計 #泰國會計事務所 #泰國審計 #IBCFirm #Thailaw #Thailawfirm #ThaiAccountingFirm #ThaiAuditFirm #thaiemployor #thaiemployee #condopurchaseinthailand #duediligenceforhousepurchaseinthailand #duediligence #ThaiCondominiumAct #外國人在泰國買房 #foreignerbuyhouseinthailand