International Business Consultants recommends that all contracts are reviewed and written in English and Thai. Property buyers are not protected by Consumer Protection or limitations on contract provision laws. You can have many restrictive and costly provisions written into contracts in Thailand, and these typically will have long-term consequences. Freedom of contract exists in Thailand, which means that parties essentially agree on the terms of a license agreement on the understanding that there is no unfair limitation of competition or violation of public policy.
Upon buying a property in Thailand International Business Consultants will guide you through the sales contract to ensure that all conditions of the negotiations are contained within the documentation. They will ensure that tax liabilities are clearly defined. For off-plan developments, IBS will safeguard reference to any penalties the developer must pay in the event of delays. Contracts signed before completion will include construction plans, blueprints or renderings. If the seller has to complete development before the transfer of property, the contract should lay out a schedule and standard for the construction.
The title deed outlines precisely what the property comprises and its location and who possesses the right of ownership. The sales contract describes precisely when and how the seller will transfer to you the property and under what terms and conditions.
These reviews must be in place before any contractual agreements are made. Quite often, time limits apply, which can cause difficulties in conducting full due diligence and any contract reviews before options expire. It may be possible to obtain extensions to already agreed time limits so that reviews and contracts can proceed without compromise, but not recommended.
In Thailand, the contract of sale only lists fundamental rights and does not list all the obligations and exhaustive rights of the seller and the buyer. The terms and conditions outlined in the contract will not jeopardise any rights of either the seller or the buyer. The law shall always consider the interests of both parties.
International Business Consultants write and review services include:
Review the contract of sale to ensure that buyer interests are protected.
Contract correctly describes each party’s duties and that there are no hidden charges.
Ensure precise handling of the deposit and other payments if the seller does not transfer property rights.
International Business Consultants lawyers will negotiate necessary amendments to meet buyers needs whilst protecting your needs.
Final amendments are presented to the seller for final approval.